According to Odaily Planet Daily, Bernstein released a research report on Thursday saying that stablecoins are becoming increasingly important to the global financial system and have become the 18th largest holder of U.S. Treasury bonds.
The report noted that after supply fell in 2023, stablecoin issuance returned to an all-time high of $170 billion, and on-chain monthly payment volume tripled in the past 12 months, reaching $1.4 trillion in July.
Analyst Gautam Chhugani said stablecoins provide international users with a channel for dollar savings and spread digital dollars beyond the United States.
The report also noted that stablecoins are being integrated with payment and fintech companies such as PayPal, MercadoLibre and Grab, and are increasingly used for cross-border payments. Bernstein said: "Dollar stablecoins on crypto rails are now the cheapest cross-border payment rail."
