According to ChainCatcher, analysts at research and brokerage firm Bernstein said that blockchain-based stablecoins pegged to fiat currencies such as the US dollar are becoming "systemically important" and their issuers have now become the largest holders of US Treasury bonds along with sovereign states.

After reaching a peak in April 2022, the circulating supply of stablecoins is now back to an all-time high of about $180 billion.