Stablecoins impacting payments and global remittances

Fiat-backed stablecoins, the most sought-after type in the cryptocurrency domain, aim to replicate the value of traditional currencies such as the dollar and euro. The total value of stablecoins is $155+billion and, typically, these assets have a daily turnover of $150+billion whereby demonstrating the liquidity and popularity of stablecoins. Fiat-backed stablecoins are supported by reserves of liquid assets, ideally in the form of cash or cash equivalents, to maintain stability in value. However, although widely used for trading, remittances and activities in decentralized finance, these stablecoins encounter challenges such as centralization and a lack of independent audits. But, irrespective of this, they continue to demonstrate both resilience and liquidity. A selection of some of the more prominent firms offering stablecoins that exist today, includes:

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