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Alex O’Donnell
9 hours ago


NON-USD STABLECOINS CAN SPUR ADOPTION: REPORT

Cryptocurrencies, including stablecoins, still only pay for 0.2% of online
commerce transactions globally, according to the report. 

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Stablecoins are gaining traction, but they still only pay for a small fraction
of global online commerce transactions — and stablecoins pegged to currencies
besides the United States dollar are too scarce, according to a report published
Nov. 27.

Cryptocurrencies, including stablecoins, “account for just 0.2% of global
e-commerce transaction value,” according to the report, which was created by
strategy consultancy Quinlan & Associates and blockchain developer IDA.

“Paired with blockchain-enabled favourable features such as programmability,
stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability,
and faster processing that traditional financial systems simply can’t match,”
Lawrence Chu, IDA’s co-founder and CEO, said in a statement.

Despite this potential, stablecoin “usage remains largely within the Web3
ecosystem,” the report said, citing regulatory uncertainty and limited non-USD
stablecoin options as significant barriers.

Source: Quinlan & Associates, IDA


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Related: Stablecoins boosting demand for US T-bills: Treasury Dept

“This reluctance is largely driven by regulatory uncertainty, with 81% of
merchants citing it as the primary barrier to accepting digital assets like
stablecoin as a mainstream payment option,” Benjamin Quinlan, Quinlan &
Associates’s CEO, said in a statement.

Additionally, “with 83% of countries worldwide not using the USD as their
official or secondary currency and ~40% of international payments being
conducted in non-USD currencies, there is a pressing need for non-USD pegged
stablecoins,” the report said.

Stablecoins collectively represent $200 billion in total market capitalization,
virtually all of which comprises stablecoins pegged to USD, according to data
from CoinMarketCap.

Tether’s USDt USDT $1.00 and USD Coin USDC $0.9992 are the most popular
stablecoins, with market caps of around $130 billion and $40 billion,
respectively, the data shows.

IDA plans to launch a stablecoin pegged to the Hong Kong dollar to support
“payments between Hong Kong and global markets,” Quinlan and IDA said.

Source: CoinMarketCap

Stablecoins seem to be increasing demand for short-term US government bonds
known as Treasury bills, according to the US Department of the Treasury.

“[B]ecause most stablecoin collateral reportedly consists of either Treasury
bills or Treasury-backed repurchase agreement transactions, the growth in
stablecoins has likely resulted in a modest increase in demand for short-dated
Treasury securities,” according to Treasury Department meeting minutes released
on Oct. 29.

On Nov. 20, former US Senator Pat Toomey told Cointelegraph that lawmakers will
likely advance stablecoin regulations starting in 2025.

Toomey believes there are several unanswered questions regarding stablecoin
issuers that must be resolved first, including reserve requirements, insurance
on bank deposits and regulatory jurisdiction.

Several pieces of key crypto legislation will be considered in the upcoming
congressional term, including Senator Bill Hagerty’s Clarity for Payment
Stablecoins Act.

Magazine: How to upset Cardano’s Charles Hoskinson by quoting him accurately

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A weekly toolkit that breaks down the latest DeFi developments, offers sharp
analysis, and uncovers new financial opportunities to help you make smart
decisions with confidence. Delivered every Friday


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 * #Stablecoin
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