Stablecoins provide USD savings access to international users, propagating digital dollars beyond the U.S.," analysts led by Gautam Chhugani wrote.
USD stablecoins on crypto rails are now the cheapest cross-border payments rails," Bernstein said, adding that you can transfer $1,000 on layer 2s for as little as 1 cent.
Stablecoin circulation is now back to an all-time high of $170 billion, the report said, and monthly payments volume on-chain has tripled in the last 12 months to $1.4 trillion in July.
Stablecoin holders outside the U.S. use these cryptos as a store of value versus their local currency, Bernstein said, and younger people use them more, with 20% of 18-24 year olds in emerging markets holding 25%-50% of their portfolios in this type of digital asset.
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