Stablecoins Cement Function as Main Settlement Layer in Crypto
The most recent figures from Kaiko present fiat USD pairs slipping right into a minority position, holding simply 16.97% of complete spot quantity on centralized exchanges. It’s a pointy distinction to earlier cycles when bank-linked rails nonetheless carried significant weight.
Again in 2021, stablecoins represented 77.75% of USD spot buying and selling, whereas fiat pairs accounted for 22.25%. Since then, the steadiness has steadily tilted, with stablecoins crossing the 80% threshold through the 2024–2025 stretch and refusing to look again.
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