Bernstein Report: The Importance of Stablecoins in the Global Financial System is Increasing

2024-09-19 19:03:06

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ChainCatcher message, brokerage firm Bernstein released a report indicating that the importance of stablecoins in the global financial system is increasing. Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to the US dollar, although there are also stablecoins pegged to other currencies and assets, such as gold.

The report noted that after a decline in supply in 2023, the circulation of stablecoins has now rebounded to a record $170 billion, and the monthly on-chain payment volume has tripled over the past 12 months, reaching $1.4 trillion in July. The team led by analyst Gautam Chhugani wrote, "Stablecoins provide international users with access to dollar savings, promoting the digital dollar beyond the United States."

The report also highlighted that these cryptocurrencies are achieving deeper integration with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI), and Grab (GRAB).

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