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Reading: Stablecoin Usage Declines in the U.S., While Demand Surges in Developing Countries
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Deythere > News > News > Stablecoin Usage Declines in the U.S., While Demand Surges in Developing Countries
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Stablecoin Usage Declines in the U.S., While Demand Surges in Developing Countries

representing the global shift in stablecoin usage. The central focus is a large stablecoin symbol with one side showin
Milena Volodina
Last updated: October 17, 2024 12:09 pm
By
Milena Volodina
Published October 17, 2024
3 Min Read
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With the launch of spot Bitcoin ETFs in the U.S., Bitcoin trading volume reached record levels. However, in 2024, the use of stablecoins—a category of altcoins—slowed down significantly in the U.S., compared to global markets. In contrast, countries like Turkey are seeing a surge in demand for these digital assets.

Contents
  • U.S. Decline, Global Rise in Stablecoin Usage
  • Surge in Emerging Markets
  • Regulatory Uncertainty Threatens U.S. Leadership

U.S. Decline, Global Rise in Stablecoin Usage

According to a report by Chainalysis published on October 17, the share of stablecoin transactions in U.S.-regulated exchanges dropped in 2024. In 2023, stablecoins made up 50% of transactions in U.S. exchanges, but by 2024, that number fell below 40%. Meanwhile, non-U.S. regulated exchanges saw their stablecoin transaction share surpass 60%.

The report emphasized that this does not indicate a significant collapse in U.S. stablecoin usage. Rather, stablecoins are experiencing rapid growth in emerging markets and regions outside the U.S., driven by rising demand for USD-backed assets globally.

According to the Federal Reserve, as of the end of 2022, over half of the $1 trillion in U.S. dollar banknotes in circulation were held outside the country. In developing economies, interest in USD-backed stablecoins is growing, with cheaper transaction costs and a need for value preservation being major drivers.

representing the global shift in stablecoin usage. The image features the stablecoin symbol in the center with contrasting e

Surge in Emerging Markets

In an October interview with Cointelegraph, Tether CEO Paolo Ardoino highlighted that demand for stablecoins is particularly strong in countries like Argentina, Turkey, and Vietnam. Unlike in the U.S., stablecoins are seen as a reliable store of value in these economies.

Regulatory Uncertainty Threatens U.S. Leadership

One of the main reasons for the decline in U.S. stablecoin usage is the ongoing regulatory uncertainty. The Chainalysis report pointed out that this lack of clarity threatens the U.S.’s leadership in the stablecoin market. Leading stablecoin companies like Circle have noted that the absence of a clear regulatory framework in the U.S. is driving stablecoin projects to regions like Europe and the United Arab Emirates.

A spokesperson from Circle stated, “The lack of a regulatory framework for U.S. dollar-referenced stablecoins is a threat to American interests.” As developing countries establish regulatory frameworks to promote stablecoin use, the pressure on U.S. policymakers continues to grow.

The report underscores the importance of establishing a clear regulatory framework for the U.S. to maintain its leadership in the stablecoin sector. It also predicts that the global stablecoin market will continue its rapid growth.

For more insights and updates, visit Dey There.

stablecoins, USD-backed, regulatory uncertainty, emerging markets, Chainalysis report

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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