Latest data from Chainalysis shows that stablecoins are becoming a truly global asset. Emerging markets such as Türkiye and Thailand stand out for these altcoins as a share of national GDP. Moreover, Türkiye, which is ahead in the crypto field, is by far the leader in this rate compared to other countries. There are valid reasons for this too!
Türkiye is the clear leader for these altcoins compared to GDP!
cryptokoin.comAs you follow from , the crypto industry has shown several signs of recovery after a tumultuous winter. Bitcoin and other major cryptocurrencies attracted great attention in the new year. However, some altcoins attract attention in terms of trading volume. These altcoins, which we know as stablecoins, have surpassed other types of assets in terms of usage, accounting for more than half of all trading volume in recent months. Stablecoins such as USDT, USDC, DAI, FDUSD and USDD rank first in terms of market value.
The 2024 Crypto Spring report by Chainalysis reveals a significant increase in global demand for stablecoins. The US led in purchases totaling over $30 billion in January 2024 alone. While the USA and the EU continue their strong representation, Thailand, Brazil and especially Türkiye stand out. These emerging markets stand out when it comes to purchasing stablecoins as a share of national GDP.
This international interest reflects growing confidence in stablecoins like USDT in various regions, especially in countries such as Turkey and Georgia that are experiencing local currency volatility and devaluation. According to industry experts speaking to Chainalysis, they often turn to stablecoins to protect their savings.
Cryptocurrency use is increasing globally
Chainalysis also notes transfer activity during the recent market volatility. During this period, transfers exceeded the highs of late 2020 and 2021. This was indicative of the prevailing sentiment that this market cycle is much more active than the last bull run. Moreover, such an accelerated growth rate compared to past cycles likely indicates increased market confidence.
Further confirming this trend is that the number of wallets with positive balances continues to grow steadily, with over 400 million wallets actively holding cryptocurrencies. It is possible for both institutions and individuals to have more than one wallet. So, a wallet does not necessarily mean a user. However, the steady increase still shows that cryptocurrency usage is increasing.
US Stablecoin Act coming soon!
US House of Representatives Member Maxine Waters (D-California) spoke about the stablecoin bill. Waters stated that the final version of the bill will be ready soon. “We are on track to get a stablecoin bill in the near term,” the top Democrat on the House Financial Services Committee told Bloomberg. Waters previously described a version of the stablecoin bill as “extremely problematic for America!” He described it as.
“This is about making sure investors and people are protected,” Waters told Bloomberg. “We need to make sure they have these assets to support stablecoins,” he said. The latest development strengthens hopes that the US will introduce a new stablecoin law before the elections this year. Experts considered this a long shot at the beginning of this year.
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