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

According to Mars Finance, 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. 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 US dollar stablecoin on the crypto track is now the cheapest cross-border payment track."