Bernstein: Stablecoin circulation returns to all-time highs and is becoming "systemically important"
PANews reported on September 19 that, according to The Block, analysts at research and brokerage firm Bernstein stated that blockchain-based stablecoins pegged to fiat currencies such as the US dollar are reaching systemic importance levels, and their issuers have now become the largest holders of US Treasuries alongside sovereign nations. Companies such as USDT and USDC collectively hold over $125 billion in US Treasuries. The analysts pointed out that the monthly payment volume of on-chain stablecoins has doubled in the past 12 months, reaching $1.4 trillion, with stablecoins accounting for around 50% of all on-chain transaction volume. The number of monthly active users has reached a new high of around 22 million, and the total number of stablecoin wallets with non-zero balances is currently 120 million. After reaching a peak in April 2022, the circulating supply of stablecoins has now returned to around $180 billion, the historical high.
