The total market capitalization of stablecoins has reached $322 billion, exceeding the foreign exchange reserves of more than 95 countries.

According to Odaily Odaily, the total market capitalization of stablecoins has reached $322 billion, exceeding the foreign exchange reserves of 95 countries. The amount of fiat currency held by users through non-traditional banking channels now surpasses the official foreign exchange reserves of 95 countries, including Poland, Thailand, Mexico, the UK, Canada, and the UAE. Currently, only 14 countries/regions hold more foreign exchange reserves than stablecoins. Stablecoins are widely used in cryptocurrency trading, DeFi settlements, and cross-border payments. A report from the Bank for International Settlements (BIS) indicates that cross-border stablecoin flows have increased significantly since 2022, particularly in regions with high inflation and volatile exchange rates. However, the BIS also warns that stablecoin trading could trigger capital outflows, putting fragile domestic currencies under depreciation pressure. (CoinDesk)