ChainCatcher reported that according to The Block, analysts at research and brokerage firm Bernstein said that blockchain-based stablecoins pegged to fiat currencies such as the US dollar are becoming "systemically important" and their issuers have now become the largest holders of US Treasuries along with sovereign states.
After reaching a peak in April 2022, the circulating supply of stablecoins is now back to its all-time high of approximately $180 billion.
