Stablecoins Increasingly Key To Bitcoin Economy

Stablecoins Increasingly Key To Bitcoin Economy

The beneath is from a current version of the Deep Dive, Bitcoin Journal’s premium markets e-newsletter. To be among the many first to obtain these insights and different on-chain bitcoin market evaluation straight to your inbox, subscribe now.

One of the most important economic discussions this year, apart from Bitcoin, is around the rise of stablecoins, and especially the rise of stablecoins pegged to the U.S. dollar. As the world reserve currency, everyone around the world demands U.S. dollars. Stablecoins can help satisfy that demand by enhancing the U.S. dollar’s features across accessibility and efficiency.

2021 has been a transformative year for the aggregate supply of USD stablecoins in the market with total supply reaching near $140 billion. That’s 401% year-to-date growth from a circulating supply of just $27.67 billion back in January. 

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