In 2024, a decrease in remittance app downloads has opened up opportunities for the stablecoin market expansion.
Decline in Remittance App Growth
In 2024, a slowdown in remittance app downloads has been observed, defying the previous period's growth trend. This may be attributed to the rising popularity of stablecoins, according to Matthew Sigel, head of digital assets research at VanEck.
Stablecoins Impact on the Money Transfer Market
The use of stablecoins for cross-border payments has grown in recent years due to their speed and lower transaction fees. Projects like Ripple and Solana have actively promoted the use of stablecoins for money transfers, reducing the market share traditional apps hold.
Future Growth Trends of the Stablecoin Market
The stablecoin market continues to expand, and its share in the remittance market is likely to grow. Transaction volumes with stablecoins significantly surpass those of traditional remittances, promising further growth in this segment.
As interest shifts from remittance apps to stablecoins, the digital asset market can expect further development and an increased role in cross-border money transfers.