Bernstein: Stablecoins are used by early users such as payment companies, fintech companies and consumer platforms for cross-border settlement
Bernstein states that the stablecoin market is growing, and these cryptocurrencies are being used for cross-border settlements by early users such as payment companies, fintech companies, and consumer platforms. The supply of stablecoins currently reaches $150 billion, with USDT and USDC accounting for 75% and 22% of the market share, respectively. Stablecoins are a type of cryptocurrency that is usually pegged to the US dollar but also uses other currencies and assets such as gold. There are signs that payment companies such as Paypal and Visa have already adopted this technology. Analysts Gautam Chhugani and Mahika Sapra state that the value of stablecoins settled on the blockchain indicates that the digital dollar has been strongly adopted in the cryptocurrency trading ecosystem and as a cross-border payment currency. The annualized transfer value in the first quarter of 2024 is $6.8 trillion, equivalent to the peak of around $7 trillion in 2022.
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