Stable coins could benefit from Silvergates: Report

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A new study by the digital-asset data provider Kaiko has shown that the decision of Silvergate to close its instant payment network will probably promote the acceptance of stable coins under investors in crypto trade.

Last week Silvergate Capital announced the closure of his payment network SEN, about which crypto bonds and investors moved large amounts of US dollars. The decision was made after the crypto -friendly bank had disclosed in an application for admission that it could soon be "less than well capitalized".

Investors could contact StableCoin emitters

Shortly after the announcement, crypto companies, including coinbase and octopuses, began to leave the bank. While the problems of Silvergate can affect crypto companies, since access to the global banking system has always been a major challenge for them, Kaiko believes that the "death of sen" will help to "become even more alter

The Learn forecast that instead of their dollars with bank rails such as. B. to be paid in with an exchange Silvergates sen Date the investor with a stable coin emittent to get stable tokens before moving them to an exchange.

Nevertheless, Kaiko explained that the stable coin emitters will continue to need access to a crypto bank, "so the risk is now further concentrated".

StableCoins gain market shares compared to the USD

With the rise of stablecoins, the number of new Fiat trading pairs, which are listed by crypto exchanges, has decreased worldwide. According to Kaiko, the number of new dollar pairs on the stock exchanges dropped from 400 to 326 last year.

The report notes that the USD market share has decreased in comparison to USDT and USDC has decreased since

"At the moment the dollar and the stable coins bound to the dollar remain the basis of the crypto economy, but growing complications with USD payment rails could reverse this trend," says the report.

StableCoins continue to gain popularity

In the meantime, stable coins in dealers are becoming increasingly popular because they help to reduce volatility on the cryptom market. A recently Report showed that the trading volume of stablecoins in 2022 achieved a new record high with $ 7.4 trillion, compared to $ 6 trillion a year before.

The StableCoin market volume has exceeded all major credit card providers, including MasterCard, American Express and Discover, and was only behind Visa.

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