Data Indicates Stablecoins Are Becoming A Global Asset Class
Stablecoin adoption is increasing rapidly. Data from research firm rwa.xyz shows the number of addresses holding both dollar and crypto-pegged stablecoins has increased by 15% in 2024, which is the highest to date.
New research from blockchain analysis firm Chainalysis further found the growing prominence of stablecoins in overall on-chain transaction activity. Chainalysis’ “Crypto Spring Report” noted that stablecoins are becoming a true, global asset.
4/ Stablecoins offer anyone with an internet connection a gateway to the USD, unlocking new pathways of financial inclusion. The US leads in purchases, but global demand is high, with $40B+ purchased in March alone across diverse nations and regions. pic.twitter.com/AyOxVypS9j
— Chainalysis (@chainalysis) April 25, 2024
Kim Grauer, Director of Research at Chainalysis, told Cryptonews that by comparing fiat purchases of stablecoins between countries, it’s clear that stablecoins are growing in importance.
“With a diverse representation of nations and regions–most notably the EU, Turkey, and Thailand–contributing to over $30 billion in purchases in January 2024 alone, and the high share of all transaction volume on-chain, it’s hard to ignore stablecoins’ prominence,” said Grauer.
According to Grauer, stablecoins—cryptocurrencies with values pegged to an external reference, like the U.S. dollar—have recently represented over half of all on-chain transaction volume.
“This was collected via the on-chain data that Chainalysis ingests,” added Grauer.
Andrew O’Neill, Managing Director and Co-Chair of S&P Global’s Digital Assets Research Lab, told Cryptonews that he also believes stablecoins are rising in importance.
“Money doesn’t move at the same speed as information
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