Circle’s EU Policy Director: Stablecoins are crypto's killer use case and going to mainstream
02/05 15:54
Patrick Hansen, Director of EU Strategy & Policy at Circle, tweeted that stablecoins are undeniably crypto's killer use case and going to mainstream faster than any other application. He said:
1. Total value settled with stablecoins is rising in the bear market, reaching over $7 trillion in 2022. For comparison, Mastercard processed $2.2 trillion in value in 2022;
2. USDC volume and weekly active wallets are both going up in spite of the bear market;
3. The relative share of stablecoins market cap in Ethereum (e.g. vs. DeFi mcap) is growing significantly;
4. The absolute stablecoin market cap only fell by 5.7%, visibly uncorrelated to DeFi TVL;
5. Payment stablecoins like USDC (only backed by cash & cash equivalents) are uncorrelated to the price of bitcoin or the trading volumes in associated trading pairs;
6. USDC is even less speculative than the US Dollar (M2). About 15% of USDC transactions are wallet-to-wallet transfers, which is relatively high compared to the 2% for non-financialized transfers observed in traditional payment systems;
7. Stablecoins are the de facto working capital in DeFi. In the 2H of 2022, around 45% of the liquidity in decentralized exchanges was provided by stablecoins;
8. DeFi & Payment stablecoins can bring down fx costs (a $7T daily volume market) by up to 80%, saving unbanked and underbanked individuals $30 billion per year;
9. In some - particularly inflation-affected - parts of the world, more than 1/3 of the population has already done an everyday purchase with a stablecoin. Retail adoption is picking up steam;
10. For international teams in Web3, already a majority of companies surveyed offer USDC or other stablecoins as the primary form of compensation for all employees;
11. 83% of merchants are prioritizing stablecoins payments, which promise to save them a lot of money;
12. Literally all global payment service providers - incl. VISA, Mastercard, checkoutdotcom, Plaid, Stripe, Worldpay from FIS etc. - are investing into stablecoin (USDC) payment & settlement solutions;
13. Increasingly, payment stablecoins are adopted for corruption-resistant, instant and low-cost financial aid programs in war and conflict-affected regions like Ukraine. International organizations like the UNHCR are leading the way;
14. Finally, across the world (EU, UK, US, Japan, Singapore etc.), regulatory clarity and regulatory frameworks for stablecoins are advancing rapidly, and usually first.
He said finally that stablecoins - offering 24/7 instant settlement on a credibly-neutral, shared global ledger - will become a core part of the global payments infrastructure over the coming decade. The data speaks for itself. Stablecoins are about to go mainstream.
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