3 Reasons Why Stablecoins Will Have A Breakout Year In 2024
As the prospect of a bitcoin spot ETF continues to loom on the horizon, and provide fuel to the bull run that bitcoin and other cryptoassets have experienced since mid-2023, it makes sense that most of the attention has centered around bitcoin. Reasonable as this has been, it misses a much larger shift in the cryptoasset space that is set to lead the narrative in 2024; stablecoins are not only here to stay, the adoption of them will accelerate far faster than might otherwise be estimated. Stablecoin transaction volume totaled $5 trillion by Q3 2023, and most of the year had already passed before several announcements set the stage for even higher volumes going forward.
In the second half of 2023 PayPal launched its own stablecoin, J.P. Morgan unveiled an improved tokenized payment platform, and SocGen announced a similar initiative that all seem positioned to increase the utilization of stablecoins by institutions and retail investors alike. Such tailwinds are also complemented by forecasts by Bitwise that stablecoins might be set to surpass the global payment processor Visa in 2024. Other comments by Jeremy Allaire of Circle are similarly bullish on the global appetite for digital dollars.
All these innovations are indicators of development
