Chip

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 <p>PayPal recently unveiled its own stablecoin, PYUSD, 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. This launch made PayPal the first major U.S. financial company to launch its own U.S. dollar-backed stablecoin. </p> 
 <p>Several other companies have been making developments on this front. Japan’s largest bank, Mitsubishi UFJ Financial Group [MUFG], is&nbsp;in talks with companies associated with prominent global <a rel="noopener noreferrer nofollow" title="Stablecoins" href="https://thebittimes.com/tag/stablecoins.html">Stablecoins</a>. Alongside, it is also discussing with firms about issuing such tokens via its own blockchain platform, Progmat.</p> 
 <p>Evidently, the crypto payment ecosystem has been expanding. According to a recent graphic shared by Jamie Coutts, Bloomberg Intelligence’s Crypto Market Analyst, the enterprise merchant section now has a handful of major names including Visa, Stripe, Mastercard, and Checkout.com. Coutts acknowledged that Paypal’s stablecoin exposed many new users to Web3. However, for the blockchain economy to grow, apps have a long way to go before the onset of mainstream adoption. </p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/18/c672f9c0b19fc2aa49f45610eea71c33.webp" alt="" class="wp-image-107344" style="width: 100%;height:435px" width="400" height="435" srcset="https://cdn.thebittimes.com/images/2023/08/18/c672f9c0b19fc2aa49f45610eea71c33.webp 605w, https://cdn.thebittimes.com/images/2023/08/18/c672f9c0b19fc2aa49f45610eea71c33.webp 276w, https://cdn.thebittimes.com/images/2023/08/18/c672f9c0b19fc2aa49f45610eea71c33.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/c672f9c0b19fc2aa49f45610eea71c33.webp 550w" sizes="(max-width: 400px) 100vw, 400px"> 
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     Source: Twitter/Jammie Coutts 
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 <p><strong>Also Read: China: Metaverse Industry Expected to Grow to $34 Billion in Sichuan</strong></p> 
 <h3 class="wp-block-heading" id="h-what-could-drive-more-engagement">What Could Drive More Engagement?</h3> 
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 <p>The analyst pointed out that in developing economies, <a rel="noopener noreferrer nofollow" title="Stablecoins" href="https://thebittimes.com/tag/stablecoins.html">Stablecoins</a> are crucial for NFTs, <a rel="noopener noreferrer nofollow" title="gaming" href="https://thebittimes.com/tag/gaming.html">gaming</a>, etc. However, at the moment, token speculation and <a rel="noopener noreferrer nofollow" title="PAYMENTS" href="https://thebittimes.com/tag/payments.html">PAYMENTS</a> are the key use cases. In emerging markets, on the other hand, <a rel="noopener noreferrer nofollow" title="Stablecoins" href="https://thebittimes.com/tag/stablecoins.html">Stablecoins</a> offer protection to citizens who are caught between persistent and severe currency debasement by governments. In fact, the weakening of emerging market currencies has paved the path for increased crypto adoption in several countries. </p> 
 <p>As analyzed in a recent article, the national currencies of Argentina, Turkey, and Egypt have been consistently falling against the U.S. dollar.&nbsp;Amid the devaluation acceleration, Bitcoin’s price against the Argentine peso, Turkish lira, and Egyptian pound ended up bumping and creating an all-time high value.&nbsp;</p> 
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    <p lang="en" dir="ltr">The data is revealing–YTD stablecoin transfers are 86.6% of on-chain value transfer &amp; DEXs at 13.2%. A measly 0.18% from #NFTs &amp; <a rel="noopener noreferrer nofollow" title="gaming" href="https://thebittimes.com/tag/gaming.html">gaming</a>. In addition to bridges, the blockchain econ needs apps to solve for more uses cases &amp; drive broader engagement. @Artemis__xyz @Footprint_Data pic.twitter.com/6roGKEDcZW</p>— Jamie Coutts CMT (@Jamie1Coutts) August 17, 2023 
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 <p><strong>Also Read: Bitcoin Hits ‘All-Time High’ in Argentina, Turkey: Egypt Next?</strong></p> 
 <p>Coutts further revealed that stablecoin transfers account for 86.6% of the on-chain value transfer. DEX activity, on the other hand, stood at 13%. NFTs merely contributed 0.15% and 0.03% respectively. Concluding with what was the need of the hour, the analyst said,</p> 
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 <p><strong>“In addition to bridges, the blockchain econ needs apps to solve for more uses cases &amp; drive broader engagement.”</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>gaming</li> 
  <li>Nfts</li> 
  <li>PAYMENTS</li> 
  <li>Stablecoins</li> 
 </ul> 
</div>

Stablecoins Account for 86% of Transfer Volume: NFTs, Gaming Chip In 0.18%

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TheBitTimes

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