Published:
Sep 28, 2024
Author:
Sarah Parsons Wolter
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Of the $2.6t settled in stablecoins this year, much of it supported practical use cases beyond trading. A recent study surveying 2,500 crypto users across several large emerging market countries showed stablecoin volumes grew steadily even during market downturns, suggesting broader utility for everyday financial needs. The appeal of a currency that can weather both storms and slumps seems to be mounting.
Key findings show that 57% of respondents reported increased stablecoin usage over the past year, with 72% expecting this trend to continue. Beyond facilitating cryptocurrency trades, the most popular use cases include currency conversion, remittances, paying for goods, and salaries. This suggests stablecoins are transitioning from niche trading tools to becoming essential financial instruments in emerging economies, providing a more stable and accessible alternative to traditional currencies.
Recent developments in the fintech space further emphasize this shift. Companies like Robinhood and Revolut are exploring their own stablecoin offerings amid evolving regulations, while Circle, a major player in the stablecoin industry, launched the “Circle Compliance Engine” this week to support on-chain compliance needs. Circle also recently announced plans to move its headquarters to One World Trade Center in New York, underscoring its commitment to growth and leadership in the sector. Talk about making moves—both literally and figuratively!
Portfolio News
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Stablecoins Take the Lead
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