As a seasoned crypto investor with a background in international business and remittances, I find the recent surge in stablecoin usage incredibly exciting. The data from IntoTheBlock highlighting the massive on-chain trading volume of over $846 billion is a clear indication of the growing importance of stablecoins in the global financial landscape.
New findings from IntoTheBlock indicate that the on-trading volume for stablecoins has exceeded $846 billion as of late. This sector continues to buzz with activity, despite a 30% decrease in monthly trading and falling short by approximately $20 billion of its all-time peak value.
Utilizing recent trends in stablecoin adoption for international remittances has the potential to significantly reduce the high fees associated with conventional cross-border transactions.
As a crypto investor, I’ve noticed that according to a recent study by Coinbase, Americans end up spending a substantial amount of money – approximately $12 billion annually – on transfer fees when sending funds overseas due to the limited availability of affordable alternatives.
As a financial analyst, I’ve noticed an intriguing development in the digital currency market. Specifically, PayPal’s stablecoin, PyUSD, has emerged as a significant player within the last month. Not only has it experienced remarkable growth, but it’s now among the top ten most capitalized stablecoins with over 21% increase since April. Additionally, PayPal’s recent announcement of expanding its operations from Ethereum to Solana blockchain further solidifies its presence in this sector.
Currently, the Solana platform boasts a market capitalization of over $4 billion for stablecoins alone. Among these, US Dollar Coin (USDC) holds approximately 72% of the market share based on data from Artemis.
PayPal’s recent announcement that Xoom, its money transfer platform, now allows US users to transfer stablecoins to around 160 countries free of charge is part of a larger trend in this development.
The significant increase in the use of stablecoins is underscored by the fact that on-chain trading volume for these digital currencies reached an astounding $1.3 trillion during the last month. This figure surpasses the average monthly processing volume of Visa, which was approximately $32 billion in the previous year. Collectively, Tether USD (USDT), DAI, and USD Coin (USDC) handled transactions totaling over $1.3 trillion within the past 30-day period.
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2024-06-01 01:40