Stablecoins See Largest Conversion Spreads In Africa, Research Shows
Africa’s promise of cheaper remittances via stablecoins is clashing with reality in many places. According to data from Borderless.xyz, January’s median spread for stablecoin-to-fiat conversions across Africa reached nearly 300 basis points — about 3% — far higher than Latin America’s roughly 1.3% and Asia’s tiny 0.07%. That gap matters. It hits wallets where people […]
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Stablecoins and continentwide regulations are key to breaking down barriers to Africa's economic growth. As global interest in stablecoins explodes, a number of key players are pushing especially hard for more adoption in Sub-Saharan Africa.On Thursday, the Center for Strategic and International Studies' Africa Program published new analysis advocating more options for crypto users in sub-Saharan Africa. CSIS is a well-known Washington, DC-based think tank. The authors of the analysis, Judd Devermont and Topaz Mukulu, are extremely optimistic about the future role of crypto, specifically....
Stablecoin supply shows significant growth during the year. The market cap of the top stablecoins is roughly $181 billion, over 11% of the total crypto market, which is now at $1,6 trillion after shedding over $140 billion in the past two days over geopolitical concerns. Consequently, data shows that stablecoins are growing at a much faster pace than the crypto market this year. Faster Than The Crypto Market Having significantly accelerated their pace since 2020, data from Arcane research shows that stablecoins like USDT, USDC, BUSD, UST, and DAI are growing faster than the crypto market.....
Despite a bearish backdrop for the overall crypto industry, the stablecoin supply has hit a total of $180 billion, surging by $9.5 billion over the past 30 days. Move aside Bitcoin (BTC), stablecoins are holding the spotlight. Crypto research outlets Arcane Research and CryptoRank confirm that the stablecoin supply has hit the milestone amount of $180 billion. The growth in stablecoins continues to outpace the rest of the market, up 6% in the past 30 days. In times of market volatility, stablecoins can offer price stability, backed by specific assets or algorithms.Source: CryptoRankOver....
On-chain data shows large amounts of stablecoins have entered exchanges recently, something that could provide buying pressure for Bitcoin. Around $111 Million Stablecoins Flowed Into Exchanges In Last Couple Of Days As pointed out by an analyst in a CryptoQuant post, the latest stablecoin inflow is the largest observed in this month so far. The […]
The introduction of stablecoins, like BUSD into cryptocurrency brought hope to many long-term investors. For those skeptical of the crypto space due to volatility, stablecoins become handy as their sailing means. As the name goes, stablecoins are meant to remain stable to the real-time value of the fiat currencies they are pegged to. Also, some come pegged to tangible assets and cash that facilitate their stability. But the collapse of the algorithmic stablecoin, TerraUSD UST, and its native token, LUNA, created a big hollow for stablecoins. It shifted the paradigm for lots of investors on....