in the USA spot Bitcoin 
$67,355 exchange traded fundsWith the launch of Bitcoin (ETF), record levels were reached in Bitcoin’s transaction volume. However, in 2024, the use of stablecoins, a category of altcoins, in the US has slowed compared to global markets. There is an explosion in demand in developing countries such as Türkiye.
There is a decrease in the USA and an increase in global markets
Chainalysis According to the report published by Oct. 17, the stablecoin transaction rate in the USA decreased compared to 2023. While the share of stablecoin transactions on exchanges regulated in the USA was at 50 percent in 2023, this rate dropped below 40 percent in 2024. During the same period, the stablecoin transaction rate on non-US exchanges exceeded 60 percent.
The Chainalysis report stated that this change does not mean a sharp decline in stablecoin usage in the USA. Instead, he pointed out that stablecoins are growing rapidly, especially in emerging markets and regions outside the US. Global demand for US dollar-backed assets was also effective in this change.
US Federal ReserveAccording to (Fed) data, by the end of 2022, approximately half of the total US dollar banknotes in circulation, that is, more than $1 trillion, are held outside the US. Interest in US dollar-backed stablecoins is increasing, especially in developing economies. Cheaper transaction opportunities and the need to preserve value are among the biggest reasons for this demand.
Tether CEO Paolo Ardoino also stated in a statement to Cointelegraph last October that stablecoin demand largely comes from developing countries such as Argentina, Türkiye and Vietnam. Unlike the USA, these countries stablecoinHe emphasized that ‘s are at the forefront as a means of storing value.
Regulatory Uncertainty Threatens U.S. Leadership
Another important reason why the USA is lagging behind in the use of stablecoins is the uncertainty in regulations. The Chainalysis report stated that this situation threatens the US’s leadership in the stablecoin market. One of the leading stablecoin companies circlesaid that the lack of clear cryptocurrency regulation in the US has caused regions such as Europe and the United Arab Emirates to attract stablecoin projects.
“The lack of a regulatory framework for dollar-based stablecoins in the United States poses a threat to American interests,” a Circle spokesperson said. Developing countries create regulatory frameworks stablecoin usagePromoting this increases the pressure on US policymakers.
The report highlights the importance of establishing a clear regulatory framework for the USA to maintain its leadership in this field, and predicts that the global stablecoin market will continue to grow rapidly.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
