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Standard Chartered calls stablecoins crypto's first 'killer app'

Author: Content Editor
A report from Standard Chartered suggests that stablecoins are transitioning from being primarily used in crypto exchanges to having broader applications in global finance. Stablecoins, which are cryptocurrencies pegged to stable assets such as traditional currencies like the US dollar, are being used for purposes similar to those in traditional finance, including saving, transacting in USD, and facilitating cross-border payments. The report indicates that the demand for faster and more accessible cross-border transactions is driving this shift, as stablecoins offer a solution by enabling the transfer of digital dollar assets at speeds comparable to email. While stablecoins pegged to the US dollar dominate the market, there is also growing interest in stablecoins linked to other national currencies. The report suggests that the future of stablecoins looks promising, with opportunities for increased adoption in both developed and emerging markets. Standard Chartered sees stablecoins as a significant component of the global financial infrastructure, providing an alternative for the unbanked and offering efficiencies in cross-border transactions.

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