Stablecoins hold a significant position in the crypto market, especially during periods of volatility. They also have great potential in the international economy. How is Base using stablecoins to optimize international payments?
The Role of Stablecoins on the International Stage
Stablecoins are considered a safe haven during market instability. Their total market cap is $237 billion out of the $3 trillion crypto market cap, making up 12.5%. As such, they play a vital role in international financial transactions.
Current Issues and Base's Solutions
Current international stablecoin payments are expensive and inefficient due to multiple off-chain exchanges and dependency on local liquidity. Base aims to change this by bringing all countries' currencies on-chain, optimizing transaction routes. The company currently offers ten stablecoins in nine countries, conducting exchanges through a single on-chain swap and leveraging global liquidity.
Other Market Players and Prospects
It's evident that more countries are establishing local liquidity markets. Stellar is another platform offering such services. With MoneyGram on Stellar, users can top up their wallets in over 40 countries and cash out in more than 170 countries. Stellar has integrated over 30 wallets, making international stablecoin transactions more accessible.
Base is making significant changes in the realm of international stablecoin payments, employing modern technologies to increase their accessibility and reduce costs. These initiatives open up new opportunities for convenient and affordable global transactions.
