Stablecoins Defy Bear Market with Record Cross-Border Transfers
Cross-border stablecoin transfers have surged 77.5% to $220.3 billion, despite the overall crypto market capitalization falling 37% in the same period.
This growth is attributed to regulatory frameworks such as the U.S. GENIUS Act and the EU's MiCA, which have accelerated adoption. Traditional remittance companies like Western Union and MoneyGram have also launched stablecoin products.
The average transfer size was approximately $3,000, indicating trade and business activity rather than speculation. Chainalysis noted that this trend is characteristic of trade and business activity, not speculation.
Regulatory developments in major economies have created a supportive environment for institutions to build stablecoin-based products. However, surrounding financial infrastructure remains a constraint, as pointed out by Vincent Chok, co-founder and CEO of First Digital: 'On-chain payments are fast, but they don't solve the off-chain steps of converting to local currency...'