According to a Standard Chartered report, stablecoins are shifting from initial use in crypto exchanges to broader applications in global finance.
The study indicates that stablecoins are increasingly used for purposes akin to traditional finance, such as saving and transacting in U.S. dollars and facilitating cross-border payments.
Standard Chartered comments on how stablecoins’ dominant use case is evolving.
“There is growing evidence of increasing stablecoin use for a variety of purposes akin to those provided in traditional finance.”
According to the report, one significant factor driving this shift is the demand for faster and more accessible cross-border transactions. Traditional correspondent banking systems have limitations, especially in emerging markets with declining access. Stablecoins offer a solution by enabling the transfer of digital dollar assets at speeds comparable to email, bypassing the slow and sometimes unreliable traditional systems.
The report highlights
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