CandleFocus Stablecoin usage surged in Q3 as market cap hits $170b: Coinbase
2024-10-16
Author: Content Editor
In the third quarter of 2024, stablecoin use and adoption experienced a surge, reaching an all-time high market capitalization of nearly $170 billion. This growth coincided with the implementation of the European Union's new regulations for stablecoin operations. Stablecoins have become increasingly popular due to their faster, cheaper, and more secure transactions, expanding their utility in payment systems such as remittances and cross-border transfers. The report also highlights a significant increase in stablecoin volumes, reaching nearly $20 trillion year-to-date in the third quarter, indicating their growing role in the global economy. Investors are gravitating towards stablecoins alongside Bitcoin, perceiving them as high-quality digital assets. Additionally, concerns have been raised regarding the impact of the European Union's regulations on stablecoins, particularly the cash reserve requirement, which some argue could create systemic risks for European banks.
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