Crypto Biz: Stablecoins wave, crypto trading via UAE banks, and more
This week’s Crypto Biz explores Tether’s profit record, bank-linked crypto trading in the United Arab Emirates, Polymarket’s growth amid US elections, and Coinbase custodian arm.
Stablecoins continue to meet the significant global demand, specially in emerging economies. According to a new analysis from BVNK and the Centre for Economics and Business Research, businesses and consumers in 17 countries are willing to pay an average premium of 4.7% to access stablecoins pegged to the US dollar. The figure rises to 30% in Argentina.
By 2027, these countries are expected to spend $25.4 billion in premiums alone for stablecoin access. The report also sheds light on the inefficiencies of current cross-border payment systems, currently trapping $11.6 billion in working capital due to settlement delays. Stablecoins are expected to facilitate $2.8 trillion in cross-border payments by the end of this year.
Circle’s USD Coin (USDC) stablecoin reportedly saw a surge in trading volume in July, spurred by compliance with new European regulations. Meanwhile, Tether’s USDT (USDT) still holds a large chunk of stablecoins’ market share, with 70% of their $164 billion global market capitalization.
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Author: Ana Paula Pereira
