In areas where unrest and inflation run rampant, individuals and businesses are increasingly turning to stablecoins to hedge against depreciation and send funds abroad quickly and cost-effectively. This is just one of the findings in new research released today by social trading platform eToro and The Tie which examines the main themes and drivers within the crypto market.
Countries like Venezuela (where inflation exceeds 15,000 percent), and Iran (where inflation is over 34 percent) are seeing significant adoption of digital assets including Tether (USDT), which has more than doubled in overall value to around $10 billion since the start of the year, our research has found.
“While media coverage in Q2 continued to focus on bitcoin, the real story emerging from the data is centered around stablecoins,” said Guy Hirsh, Managing Director of eToro US. “Fiat inflows into stablecoins exceeded $5B in only six months. We might be on the cusp of a systemic change, where developing countries that are searching for a way to ‘exit’ fiat-controlled government systems.”
Additional key findings include:
The report also includes interviews with some of the best performing traders on eToro, sharing their unique perspectives on where they see the best opportunities. Additionally, insights are also included from Arca’s head of research, Katie Talati; and Tron founder Justin Sun.
eToro launched its crypto trading platform in the US in March 2019. Since then, US registrations on eToro have increased over 221 percent.
About eToro:
eToro was founded in 2007 with the vision of opening up the global markets so that everyone can invest in a simple and transparent way. We are a global community of more than 14 million registered users in over 140 countries. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
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