The latest Q3 2024 crypto market report released by the crypto asset management firm Bit shows that stablecoins are becoming an important application of crypto technology, and their influence is gradually penetrating into multiple trillion-dollar markets. According to Bit data, in the first half of 2024, global stablecoin trading volume has reached $5.1 trillion, close to Visa's $6.5 trillion in transaction volume. Currently, the total amount of US Treasuries held by the top five stablecoins has exceeded that of some G20 countries such as South Korea and Germany. The business model of stablecoin issuers is mainly to earn interest by holding yield-bearing assets such as US Treasuries. This model has significantly improved the profitability of issuers like Tether, with Tether's profits even exceeding those of the asset management giant BlackRock last year.
Bitwise report: Tether's profit exceeded BlackRock last year, and stablecoins are becoming an important application of encryption technology
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