In the third quarter of 2023, the Artemis report unveiled the significant impact of stablecoins on the global economy. They are altering the dynamics of currency markets, cross-border remittances, and P2P transactions, challenging the roles of traditional financial systems.

Impact of Stablecoins on Currency Market

Stablecoins show significant impact on the currency market. According to Circle's data on EURC (Euro Coin), the volume on decentralized exchanges (DEX) has increased dramatically. This points to the transformation of the role of fiat currencies in traditional forex exchanges.

Role of Stablecoins in Cross-Border Remittances

Stablecoins like USDT and USDC are playing an increasingly important role in cross-border money remittances. Their usage growth is particularly notable between the U.S. and Mexico's substantial corridor, with an annual transfer value of $1.2 billion USD.

Rise of Stablecoin Usage in P2P Market

The volume of P2P transactions using stablecoins in the EMEA regions (Europe, Middle East, and Africa) has surpassed that of the Americas. This evidences a wide adoption of stablecoins as a payment means for daily transactions.

The steady growth and adoption of stablecoins is having a significant impact on the future of cryptocurrencies and other sectors. Stablecoins are creating a bridge between cryptocurrencies and the traditional economy, making the financial system more inclusive and efficient.