The stablecoin market is advancing pretty fast and making quick inroads into the global settlement industry. A recent report from USDC stablecoin issuer Circle stated that the global settlement value of stablecoins surpassed $7 trillion, which is comparable to the $14 trillion settled by Visa and Mastercard combined.
Demand for Blockchain-based Financial Services
Circle, the issuer of the USDC stablecoin, suggests that blockchain infrastructure is on the verge of handling increased economic activity globally, especially in Latin America. The shift towards blockchain-based financial services is accelerating, with millions of businesses and billions of people expected to turn to regulated blockchain solutions for savings, payments, and credit.
Latin America is playing a leading role in this transformation, with citizens receiving $562 billion in digital currency value from mid-2021 to mid-2022. The growth is due to the value proposition of expanded access, particularly targeting the 1.7 billion underbanked individuals globally who own smartphones. This trend will further disrupt traditional financial processes and bureaucracy.
LatAm Driving Stablecoin Adoption
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