🔥 #Stablecoin backed by #USD continues to dominate the cryptocurrency market.
Nearly 90% of all cryptocurrency transactions are conducted using USD-backed stablecoins.
Each week, USD Stablecoin transactions amount to 270 billion USD in 2024, 70 times higher than their EU counterparts, which only own 1.1% of transactions using Euro-backed stablecoins.
In my opinion, this is a good sign for the future of the cryptocurrency market as the US government is currently pursuing a policy of reducing inflation so the economy, in order to do that thoroughly, they must export. Getting inflation out of America means they have to bring the dollars that are surplus in the economy out of America.
So with the current dominance of USD-backed stablecoins in the crypto market, there is a high possibility that the US will support the market to help it grow stronger, so they can bring more excess USD out of the country. More American.
