Stablecoin

Reserve

USDC

The post <a href="https://coinpedia.org/news/stablecoin-surge-7t-global-volume-rivals-visa-mastercard-51-latin-americans-shop-with-crypto/" rel="noopener noreferrer nofollow">Stablecoin Surge: $7T Global Volume Rivals Visa, Mastercard; 51% Latin Americans Shop with Crypto</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Latin America, with <a href="https://coinpedia.org/news/circle-expands-circle-mint-to-singapore-with-mas-compliance/" rel="noopener noreferrer nofollow">Circle’s</a> pioneering technology, has embraced a massive $562 billion digital currency movement, marking a transformative era in the region’s financial landscape and setting new global standards in the adoption of digital finance.
Global stablecoin settlements last year soared to an astonishing $7 trillion, challenging the dominance of traditional financial giants like Visa and Mastercard, which settled $14 trillion. This surge underscores the rapidly growing influence of blockchain-based financial solutions in global economic activities.
Stablecoins, such as USDC, offer a robust and stable medium for transactions, backed by liquid assets like cash or cash equivalents. Notably, the Circle Reserve Fund (USDXX), managed by BlackRock, plays a crucial role in maintaining the stability of these currencies.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/96T-K7j65VyfKqLFwlpKgki8GGChxmgXAOKPrbcugwvsC64SINod3AL3blUS73BPLgxVIIzgnxBiwn0WfuRNmOFTeambhtDdpHG-rg-ftj6AnPu8rMxWZPzzhfnKj8W46-t-bIodjZ-4QA8qUPCoGlo" alt="">
 <figcaption class="wp-element-caption">Source: <a href="https://www.circle.com/executiveinsights/latam-fintech-companies-embrace-digital-finance" rel="noopener noreferrer nofollow">Circle</a>
 </figcaption>
</figure>
Latin America: A Hub for Digital Currency Innovation
Latin America’s embrace of digital currency is driven by both necessity and innovation. With a significant portion of the population either unbanked or underbanked, digital currencies offer an inclusive financial solution.
<h3 class="wp-block-heading" id="h-key-factors-driving-adoption">Key Factors Driving Adoption</h3>
<ul>
 <li>Expanded Access: With most of the underbanked population owning smartphones, blockchain technology enables these devices to become compliant financial service endpoints.</li>
 <li>Demographic Advantage: With a young population and a strong base of nearly a million developers, the region is poised to lead in digital finance innovation.</li>
 <li>Policy Support: Fintech solutions are receiving considerable support from policymakers, recognizing their potential to improve financial inclusion and manage risks more effectively.</li>
</ul>
<a href="https://coinpedia.org/news/stablecoins-gain-ground-in-japan-circle-and-sbi-holdings-spearhead-usdc-introduction/" rel="noopener noreferrer nofollow">Stablecoins</a> are becoming increasingly integrated into the purchasing habits of Latin American consumers. For instance, Mastercard reports that 51% of consumers in the region have used digital currencies for purchases, with a third using stablecoins for daily transactions. By leveraging compliant stablecoins and blockchain-based solutions, Circle aims to streamline the value-transfer process across various financial layers.
<h2 class="wp-block-heading" id="h-the-role-of-usdc">The Role of USDC</h2>
USDC stands out as a digital currency, with daily transactions of around $4 billion and nearly 2 million holders worldwide. Its design ensures seamless integration across multiple blockchains, fostering interoperability and ease of transactions. While most stablecoin activities are currently dollar-denominated, there is a growing trend towards adopting local currency stablecoins, like EURC, to cater to regional needs.

Stablecoin Surge: $7T Global Volume Rivals Visa, Mastercard; 51% Latin Americans Shop with Crypto

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