TechFlow news, November 28 — According to a report by CryptoSlate, a recent research report from Standard Chartered reveals that stablecoins are evolving from their early use solely on cryptocurrency exchanges into significant tools within global finance. Data shows the current market capitalization of stablecoins has reached $163 billion, with increasingly diverse use cases emerging in developing markets.
The survey found that in countries including Brazil, Turkey, Nigeria, India, and Indonesia, 69% of respondents use stablecoins as a currency substitute, 39% for payments of goods and services, and another 39% for cross-border payments. Currently, U.S. dollar-pegged stablecoins account for 99.3% of total market capitalization, although stablecoins backed by other fiat currencies are beginning to emerge.
Standard Chartered noted that in emerging markets where traditional cross-border banking is limited, stablecoins offer a fast and reliable method for transferring digital dollar assets. The report expects stablecoin adoption to expand further if U.S. stablecoin regulatory legislation is passed under a Trump administration.
