Bernstein: Stablecoins are becoming increasingly important to the global financial system and play an important role in cross-border payments

Odaily Odaily News: Brokerage firm Bernstein said in a research report on Thursday that stablecoins are becoming increasingly important to the global financial system and have become the 18th largest holder of U.S. Treasuries. The report said that after a decline in supply in 2023, the issuance of stablecoins is now back to an all-time high of $170 billion, and monthly payments on the chain have tripled in the past 12 months, reaching $1.4 trillion in July. "Stablecoins provide international users with a channel for dollar savings, spreading digital dollars outside the United States," wrote analysts led by Gautam Chhugani. The report noted that these cryptocurrencies are increasingly integrated with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI) and Grab (GRAB). Stablecoins are also increasingly used for cross-border payments. Bernstein said: "The dollar stablecoin on the crypto track is now the cheapest cross-border payment track." (CoinDes)