Bernstein: stablecoins are becoming “systemically important” as liquidity returns to record levels
Blockchain-based stablecoins pegged to fiat currencies such as the U.S. dollar are reaching systemic importance levels, with their issuers now joining sovereigns as the largest holders of U.S. Treasuries, according to analysts at research and brokerage firm Bernstein, with firms such as USDT and USDC combining to hold more than $125 billion of U.S. Treasury debt, The block reports. Analysts note that monthly payments for on-chain stablecoins have tripled in the past 12 months to $1.4 trillion, with stablecoins accounting for about 50 percent of all on-chain volume. The number of active users per month hit a new high of around 22 million, with the total number of stablecoin wallets with non-zero balances now standing at 120 million. After peaking in April 2022, the liquid supply of stablecoins is now back to an all-time high of approximately $180 billion.
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