PANews reported on November 28 that according to The Block, Standard Chartered Bank and Zodia Markets analysts predicted that as the stablecoin industry gradually becomes legalized, its share of the US M2 money supply and foreign exchange transactions is expected to increase from the current 1% to 10%.

Geoff Kendrick, head of digital asset research at Standard Chartered Bank, and Nick Philpott, co-founder of Zodia Markets, pointed out that the application of stablecoins is expanding from trading collateral to cross-border payments, salary payments, trade settlements and remittances, especially in emerging markets such as Brazil, Turkey, Nigeria, India and Indonesia. YouGov survey shows that 69% of users use stablecoins for currency substitution, 39% for payment of goods and services, and another 39% for cross-border payments. Users prefer to directly hold tokenized assets of legal currencies such as the US dollar to reduce their reliance on bank accounts.

The total market value of stablecoins has hit a new high of $190 billion, led by USDT (73%) and USDC (21%). Analysts believe that the incoming US government may accelerate the implementation of stablecoin regulation, injecting new momentum into the development of the industry, while the complex fee structure of existing banks and SWIFT systems may further promote the popularity of stablecoins.