Analyst: Stablecoins may account for 10% of US M2 and foreign exchange transactions

Geoff Kendrick, head of digital asset research at Standard Chartered Bank, and Nick Philpott, co-founder of Zodia Markets, pointed out that the application of stablecoins is expanding from trading collateral to cross-border payments, salary payments, trade settlements and remittances, especially in emerging markets such as Brazil, Turkey, Nigeria, India and Indonesia. YouGov survey shows that 69% of users use stablecoins for currency substitution, 39% for payment of goods and services, and another 39% for cross-border payments. Users prefer to directly hold tokenized assets of fiat currencies such as the US dollar to reduce their reliance on bank accounts. The current total market value of stablecoins has hit a new high of US$190 billion, led by USDT (73%) and USDC (21%). (TheBlock)