Usage has shown a low correlation with crypto exchange volumes, which suggests that significant stablecoin transaction volumes are likely being used for non-speculative purposes, the report said.
“It is remarkable that in just a few years, a new global money movement rail can be compared with some of the world’s largest and most important payment systems,” the asset manager said.
Brevan Howard Digital notes that over 25 million blockchain addresses hold over $1 in stablecoins. In terms of a comparison with traditional finance, a U.S. bank with 25 million accounts would rank as the fifth largest by number of accounts. The large number of small-dollar stablecoin holdings also shows the “potential for stablecoins to provide global financial services to customers underserved by traditional financial institutions.
“Stablecoin usage has shown a low correlation with crypto exchange volumes,” which suggests that significant stablecoin transactions volumes are likely being used for non-speculative purposes, the report said. Stablecoins have also shown resilience in the recent crypto market downturn, with total market cap only dropping about 24% from its peak, compared with a 57% decline for the total crypto market cap, the note added.
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