Crypto investors will likely turn to stablecoins to deposit money on crypto exchanges instead of using bank rails after Silvergate’s platform closure, Kaiko says. This will focus risk on stablecoin issuers’ ties to US banking. sndr_krisztian reports
have become the cornerstone of crypto markets, replacing government-issued fiat currencies such as the U.S. dollar to buy and sell cryptocurrencies. The number of fiat trading pairs has declined globally as stablecoins have grown, Kaiko said.
Of particular note, the role of the U.S. dollar in crypto trading has been dropping steadily. Last year, the number of new dollar trading pairs on exchanges fell to 326 from 400 in 2021, Kaiko data shows., USD market share has fallen consistently relative to USDT, USDC, and euro trading pairs,” the report said.
For instance, USDT’s dominance in bitcoin trading volumes has recently reached an all-time high of 93% versus the U.S. dollar, according to Kaiko, a spectacular rise from only 3% in 2017. The rising dominance of Tether's USDT stablecoin in the bitcoin trading volume epitomizes the U.S. dollar's decline in crypto trading.
“For now, the dollar and dollar-pegged stablecoins remain the foundation of the crypto-economy, but growing complications with USD payment rails could upend this trend,” the report said.
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