According to the research, stablecoin adoption is rising, as in just six years, their volumes have been catching up with established settlement networks.
The post on Twitter discloses information regarding the annual volume of stablecoins and other financial systems, including Paypal, Remittances, Visa, ACH, and Fedwire.
As per the shared chart, the stablecoin’s annual volume has been increasing since 2016, and in 2020, the annual volume reached $1,000 billion, which is similar to PayPal and Remittances. As time continues, the stablecoin has reached volume parity with Visa, and it can be predicted that in the next few years, its volume will increase.
The stablecoin has been adopted by many payment gateways because it can be transferred within blockchain-based applications and Web3 platforms. In recent times, Visa has announced that it will expand its stablecoin capabilities with the Solna blockchain, and PayPal has also introduced its stablecoin, PayPal USD.
“Decentralized stablecoins may eventually dominate the stablecoin market, so long as crypto ends up living up to its potential,” says Rune Christensen, the co-founder of DeFi pioneer MakerDAO.
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