Various Stablecoins Make Inroads in the Shadow Side of Commerce
Stablecoins have become a staple in the world of crypto assets. Beyond being exchanges on trading platforms, however, their adoption has seemingly remained fairly limited.
However, some smaller merchants see merit in these currencies pegged to the US Dollar.
Stablecoins Fuel Off-the-books Trading Lanes
Primarily importers and exporters of goods across Asia and Europe see merit in USDT and USDC.
This is based on information provided by payment process and OTC trading outfits.
It is believed that millions of US Dollars are changing hands every single day.
Some others report a hefty increase in monthly volume and expect it to go up even further.
It is evident that there is some merit to a digital asset that maintains its value at all times.
Primarily if the US Dollar in physical form is not as accessible or liquid as some may like.
Additionally, stablecoins can act as a viable alternative to traditional banking solutions.
That also means that these transactions are effectively a part of the growing shadow economy.
How this situation will evolve, is very difficult to predict.
A growing use of these stablecoins is prominent, but it can also lead to tax evasion and paying for illicit goods and services.
It is seemingly a matter of time until governments and regulators decide to pay more attention to these assets.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow