The first stablecoin was launched in July 2014, 10 years ago. A decade later, it has reached a market cap of $165 billion, with trillions in stablecoin payments settled each year.
BVNK and The Centre for Economics & Business Research (Cebr) have released a new analysis on the market impact of stablecoins on the 10th anniversary of this digital currency. “The decade of digital dollars” report shows the quantitative link between increasing stablecoin use and economic impact for the first time.
The report focuses on three key areas: releasing trapped capital, bridging the dollar gap, and mitigating currency volatility. It features commentary from industry leaders Circle, Visa, Chainalysis, and First Digital.
Report insights include:
Ben Reynolds, MD of BVNK US, commented: “Businesses are diversifying their supply chains and growing their customer bases globally. For many, it’s hard to get access to strong fiat currencies, and it’s hard to move money quickly across borders. These aren’t just inconveniences, they directly impact capital efficiency and liquidity. Stablecoins bring the utility of the internet to payments, connecting buyers and sellers globally in an instant. For businesses, they offer a powerful alternative to today’s slower cross-border payment systems.”
Nina Skero, chief executive at Cebr, commented: “Businesses and economies lose out when funds are locked up in slow payment systems and can suffer from local currency volatility. Cebr partnered with BVNK to explore how the increasing global adoption of stablecoins alleviates these problems. Among other benefits, stablecoins can streamline the payments process, releasing idle capital for a productive purpose. In selected routes representing approximately 10% of cross-border payments, faster stablecoin transactions will unlock $2.9 billion in increased economic output by 2027.”
Access the report to get all the insights: https://bit.ly/4feF03o
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