Stablecoins, cryptocurrencies pegged 1:1 to fiat currencies, have become extremely popular, overtaking Bitcoin (BTC) in transactions worldwide.
The Chainalysis blog explains that people in emerging markets are using stablecoins to escape local monetary instability by providing “a more reliable means of transacting and storing value.”
Stablecoins have had a significant impact in Latin America and sub-Saharan Africa due to their practicality for low-cost money transfers, profitability, and services. DeFi .
East Asia and Eastern Europe are also showing significant growth. North America and Western Europe are seeing significant but gradual growth in transfers under $1 million.
Notably, stablecoins and altcoins have outperformed Bitcoin и эфириум in popularity in the Middle East and North Africa, as well as Turkey, Saudi Arabia and the UAE. Note that Turkey is the world leader in stablecoin trading volume as a percentage of GDP.
Chainalysis noted that the future of stablecoins depends on legitimacy and integration with the traditional financial system. However, issues such as “uncertainty in key markets, exploitation by illegitimate actors, and reserve transparency” remain, the company’s analysts noted.
