Stablecoin Adoption Worldwide Continues Apace Despite the Bear Market and the Banking Crisis, Crypto Specialists Say

Stablecoin adoption worldwide continues apace despite the bear market and the banking crisis, when some projects (notably the USDC stablecoin) lost their dollar peg, Latin American and European crypto specialists said during a recent Spanish-language CoinDesk Twitter Spaces event.

Despite the continuation of the bear market and the banking crisis, when some projects (especially the USDC stablecoin) lost their parity with the dollar, Latin American and European cryptocurrency specialists pointed out during a recent CoinDesk event in Spanish on Twitter Spaces that the adoption of stablecoins continues worldwide.

Thank you very much for joining us on our Twitter Space! You can listen to @mbeaudroit, @CarrascosaCris_ and @LiserraAgustin discuss the opportunities and risks of stablecoins, moderated by @marinalammertyn. https://t.co/nuUxaiWpir

— CoinDesk in Spanish (@CoinDeskES) March 30, 2023

“We see that the adoption of stablecoins has not stopped growing since 2019. In fact, today stablecoins represent more than 50% of Belo's trading volume," said Manuel Beaudroit, CEO and co-founder of Belo, an Argentine cryptocurrency exchange that operates in 136 countries.

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“Our second largest market is El Salvador, where bitcoin is legal tender, and many users use our platform to deposit bitcoin in exchange for USDT,” he added. (USDT is the symbol for tether, the largest stablecoin by volume).

The market share of stablecoins continued to grow during the bear market, even with the drop in the price of bitcoin, ether and other altcoins, Agustín said Liserra, CEO and co-founder of Num Finance, an Argentine company that issues stablecoins linked to currencies of developing countries.

“While it is true that crypto activity has decreased since the bear market, the participation and capitalization of the stablecoin market It has grown a lot,” Liserra added. Adoption varies by region. In more developed economies, growth was mainly driven by experienced traders and investors, while in Latin America it came more from ordinary citizens trying to protect their money from inflation.

In Europe, stablecoin adoption has increased since crypto winter 2017, when most investors and traders wanted to protect themselves from volatility within the crypto system, said Cristina Carrascosa, CEO and co-founder of ATH21, a Spanish law firm specializing in cryptocurrency and blockchain companies. in Europe it did not come out of fear or because of wanting to protect savings, but more because of speculation and use of [decentralized finance] protocols to take advantage of the benefit of returns,” indicated Carrascosa.

A Latin American way

Latin America has some of the highest inflation rates in the world, with up to 50% of its workforce working in informal conditions and therefore operating outside the banking system.

In Argentina, the central bank imposed severe restrictions on citizens buying dollars Americans, hoping to maintain their own federal reserves. That increases the appeal of buying a dollar-denominated stablecoin over the Internet. “With a stablecoin, you can access a dollar account without having a dollar account,” said Beaudroit.

“Many people wanted to find a way to 'dollarize' their savings and found in DAI, USDC and USDT a very friendly way to do so,” Liserra indicated, referring to stablecoins.

According to the 2022 “Geography of Currency” report by Chainalysis, the main drivers of cryptocurrency adoption in Latin America are the storage of value and the sending of remittances, for which stablecoins are widely used.

与此同时，得益于 DeFi、不可替代代币和更高的监管透明度，中欧、北欧和西欧成为世界上最大的加密经济体，稳定币的日常使用量较低。 Carrascosa 在谈到最近批准的欧盟 MiCA 法规时表示：“新法规影响到所有参与者，例如服务提供商、代币发行者和需要申请运营许可证和已发布技术文件的稳定币。”他补充道：“对稳定币发行人与监管机构‘相关’的监管要求不断增加。”Carrascosa 表示，“[欧洲]用户开始忘记法定货币，因为他们的贸易流量是直接通过稳定币赚取和支出的。” Beaudroit 表示，这也是拉丁美洲的一种趋势，现在越来越多的人直接以“加密货币”或稳定币赚取工资，将其存入钱包并用于日常生活。

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