According to Odaily, brokerage firm Bernstein highlighted in a research report on Thursday that stablecoins are becoming increasingly significant in the global financial system, now ranking as the 18th largest holder of U.S. Treasury securities. The report noted that after a decline in supply in 2023, the issuance of stablecoins has returned to its historical peak of $170 billion. 
Over the past 12 months, the monthly on-chain payment volume has doubled, reaching $1.4 trillion in July. Analysts led by Gautam Chhugani stated, 'Stablecoins provide international users with a channel for dollar savings, spreading digital dollars beyond the United States.' The report emphasized that these cryptocurrencies are increasingly being integrated with payment and fintech companies such as PayPal, MercadoLibre, and Grab. Stablecoins are also being used more frequently for cross-border payments. Bernstein remarked, 'Dollar stablecoins on crypto rails are now the cheapest cross-border payment rails.'