In 2023, the volume of VISA transactions increased about $ 13 trillion, while this indicator at Stablecoin reached $ 7 trillion. However, in 2024, the annual volume of transactions with stablecoins doubled to almost $ 14 trillion, overtaking Visa by $ 1 trillion – the volume of transactions of the fiat payment system amounted to about $ 13 trillion. This means that stabilcoins become a viable tool for international translations that can be made around the clock, quickly and economically, without a large cost of commission, Bitwise said.
The investment director of the company Matt Housogan said that several factors are facilitated by the development of stablecoins. Donald Trump became the first president in the United States supporting cryptocurrencies – in March he signed a decree on the creation of a state reserve in bitcoins. The US Securities and Exchange Commission (SEC) withdrew several lawsuits against large crypto companies.
The previous US administration “cut off” the crypto industrial industry from the financial sector, since banks were afraid to serve industry companies and crypto traders due to uncertainty in the regulation of cryptocurrencies. Now the normative climate in the United States has become more favorable, which the crypto industry dreamed about for years, the representative of Bitwise said.
Despite all the good news, cryptocurrencies fell sharply. The BitWise 10 Large Cap Crypto index decreased by 18%, and the air – the second in market capitalization cryptoactive – fell to the stunning 45%, Hawgan drew attention.
The rollback of the crypto rope should not affect the stabilcoins poorly, on the contrary, the Hawgan predicts. The total amount of assets (AUM) invested in stable coins grew to a historical maximum of $ 218 billion. This is 13.5% more than in the previous quarter. The volume of transactions also increased by 30.14%.
Previously, Hawgan said that altcoins are experiencing difficult times. In his opinion, now there is not a single large new application that causes great interest in this market, and only a boom of memotics can save the situation.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
