The week of 2 November: $184.23M moved, and native stablecoin trading hit a record

$11,502,470

Native stablecoin spot volume

an all-time high, up 292%

97.5%

Matched by one desk

Textile FX, $11,218,204 of it

$208,444

Change in the deposit book

0.1% — the fall is the business book

3

Venues at an all-time weekly high

Luno, Onboard and Breet

$184,227,345 moved through the venues we track in the week of 2–8 November, down 1.5% from $186,979,987.

The deposit book barely moved

The deposit book — retail band plus above band — changed by $208,444, one tenth of one percent. Almost the entire fall in the headline is a single line: the declared business book fell $2,670,307, or 10.3%. Own-sink settlement added $126,109 back.

That flat surface hides four large venues pulling against each other.

The retail band took $47,580,151 across 174,685 deposits — 2,141 more deposits than last week for $224,193 less money, so the average ticket fell 1.7% to $272.38.

The above band was $111,614,054, a 0.01% move. It is three venues: Obiex at 91.5%, Quidax at 8.4% and Busha at 0.1%. The above band is a size band, not a business detector.

Three venues set an all-time weekly high

Luno did $3,428,953 — its best of 312 recorded weeks. Onboard $1,863,696, best of 70. Breet $1,708,036, best of 85.

Two of those need reading carefully.

Luno's record is not more people. It came on fewer deposits than the week before — 2,369 against 2,446 — at an average ticket of $1,447 against $974. A record built on ticket size is a different fact from a record built on depositors.

Breet's record is its first week on a complete address set. 2,658 of its deposit addresses were only brought into collection on 3 November. We would not call it a record without saying so.

Native stablecoin trading hit an all-time high

Spot volume across the native coins was $11,502,470 — up 292% on the week, past the old high of $9,712,864 set in the week of 12 October.

cNGN/USDT on BNB Chain did $10,650,136 on 882 fills, 92.6% of the week, all of it quoted by Textile FX. The same market did $2,554,809 on 390 fills a week earlier, so both the number of fills and the size of each more than doubled: the average fill went from $6,551 to $12,075.

One pair, three chains, three different books — $12,075 a fill on BNB Chain, $83,279 on Ethereum, $200 on Celo across 666 fills.

Underneath it, the familiar divergence: transfer volume rose 261% to $28,989,518 while the transfer count fell 11.1% to 27,883. The money that came back is desk-sized. Spot is 39.7% of all native stablecoin movement — a share of that number, never an addition to it.

cNGN minted $3,603,918 and burned $3,250,990, four times the usual churn, and supply still rose 10.5% to $3,674,739.

The tokenised book turned net seller

$11,220 traded, down 27.6% — and for the first week in the charted series, net flow was negative at −$1,494. Every week before it was net buying. On a book this size that is a sign change, not a trend.

58.7% of it cannot be attributed to a holder. Roqqu and Daya Pro run pooled books: the venue holds one position on chain and allocates it internally. Last week the pooled share was 27.3%.

What we do not publish

Two venues publish per-client deposit boxes, and their boxes above $1M are carved out of every figure above: VALR $239,496,801 and Luno $34,401,690, $273,898,491 together. That is half again as much as the headline. We exclude it because it is desk money in a retail-shaped address, and we disclose it every week.