In December, the total capitalization of stablecoins approached $134 billion.
The market supply of the largest dollar-backed digital currency, Tether (USDT), has increased by more than 35% from $66.24 billion to $90 billion over the past 12 months.
US-based Circle estimates that the global popularity of stablecoins has grown tremendously in recent years. In 2023, users of such fiat-backed digital currencies will realize transactions totaling more than $7 trillion.
During the same time, users of the Visa and MasterCard payment systems realized transactions worth $14 trillion, according to Circle’s report.
The company forecasts growth in the turnover of stablecoins as millions of businesses and billions of people around the world switch to new financial instruments based on blockchain. They have begun to compete with traditional assets.
In Latin America, stablecoins have proven to be more popular than bitcoin (BTC). The volume of transactions using such tokens increased to $562 billion on the continent in 2021-2022.