Stablecoin Settlements Reach $7 Trillion in 2022, Beat Credit Card Providers
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According to the data obtained from CoinMetrics, the leading crypto financial intelligence platform, stablecoins achieved a new record total settlement volume this year. Comparatively, the record volume is higher than the major credit card providers, except Visa. The leading crypto exchange Binance updated its official page with the details regarding CoinMetrics’ analysis of the record of the stablecoins:As per the reports, the adoption of the top stablecoin Tether (USDT) is stagnating while its major competitor USD Coin (USDC) is gaining market share. Specifically, in 2022, USDC secured the second position for the highest settlement volume with roughly $2.9T, which is more than twice the last year’s volume. In contrast, USDT dropped in its settlement volume in 2022 with a value of $3.5T; in 2021, the stablecoin’s settlement volume stood at $3.7T.
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