In 2022, stablecoins achieved $6.87 trillion transactions, outshining Mastercard and PayPal. Will this trend endure amid 2023's challenges? Continue reading at DailyCoin.
A stablecoin trend has defied expectations, leaving industry players pondering its trajectory in 2023.
Amid 2023’s challenges, the adoption rate of stablecoins has soared.
Stablecoins have carved a niche, yet their transactional weight remains a small fraction of traditional networks.
Digital currencies known as stablecoins operating on various foundational blockchain networks achieved an impressive transaction volume of $6.87 trillion in 2022. This notable sum surpassed the transactional prowess of well-established financial entities like Mastercard and PayPal. That leaves us with one question: Has this trend continued into 2023?
Stablecoins Show Remarkable Growth Despite Market Challenges
Comparative data from the same year elucidates that Mastercard facilitated transactions amounting to $6.57 trillion. In contrast, PayPal handled transactions valued at $1.3 trillion, as reported by reputable sources such as Coinmetrics and Bloomberg.
Global Payment- Network Transfer from 2021 to 2023. Source: Bloomberg Intelligence
Despite the intricate challenges that pervaded the wider cryptocurrency market throughout 2023, the adoption rate for stablecoins such as USDT and USDC has surged to surpass Ethereum’s. However, indications have suggested a deceleration in their momentum against traditional financial giants during 2023.
Read more on DailyCoin: https://dailycoin.com/stablecoins-losing-ground-despite-surpassing-traditional-giants-in-2022/
Source : [Stablecoins Losing Ground Despite Surpassing Traditional Giants in 2022](dailycoin.com/stablecoins-losing-ground-despite-surpassing-traditional-giants-in-2022/) by Kyle Calvert - DailyCoin by Kyle Calvert / August 29, 2023