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Bernstein: “Stablecoin at highs, and never so important”
By Davide Grammatica
With circulating supply back at highs, stablecoins, according to Bernstein, are now a determining factor in the future of the financial system
The stablecoin factor in global markets
Over the past few days we have talked a lot about developments in the stablecoin sector. About Bitgo, with the launch of its USDS stable, but also about the plans of Revolut, which is also intent on entering the market head-on with its own token pegged to the dollar.
But the renewed interest in the sector by more financial firms has more distant origins, guaranteeing a bright outlook now spotted by several analysts.
Among them, the financial research and management firm Bernstein has tried to give a measure of this evolution starting with the most important figure, which is the return to all-time highs in the category’s capitalization: $170 billion.
According to Bernstein, stables have now become “fundamental” in the global financial system, having risen to 18th position among holders of U.S. Treasury securities leveraged as collateral.
Not only that. After a drop in numbers during 2023, the sector would come to triple the volume of monthly on-chain payments in 12 months, touching $1.4 trillion just last July.
Growth starts in emerging markets
“Stablecoins provide international users with more favorable access to the dollar, expanding its reach far beyond the borders of the U.S.,” writes Bernstein analyst Gautam Chhugani.
And the dynamic now seems clear to a number of tradFi players, who have been trying to seize the momentum in recent times. This is evidenced by companies such as PayPal, MercadoLibre, and Grab, which have noticed how precisely the stable is already the preferred channel for various transactions, starting with cross-border payments.
Layer-2s, indirectly, would be fostering the growth of stable in this very respect, offering a fast and convenient infrastructure to handle payments at otherwise unfavorable fees. Also according to the research firm, as many as 20 percent of 18- to 24-year-olds in emerging markets would be exposed to stable for 25 to 50 percent of their portfolio.
