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Stablecoins surge as Ukraine Russia Conflict Deepens

Mar 01, 2022

Many move their cryptoassets to the safe haven of Stablecoins.

Stablecoins, which are virtual tokens pegged to traditional currencies such as e-Money.com's suite of European currency-backed stablecoins and Circles U.S Dollar backed USDC surge as the Ukraine and Russia conflict deepens.

Worried about a Russian Invasion, Ukrainians bought the Global US Dollar Stablecoins causing Tether trading volumes against Ukraine’s currency to surpass 8.5 million Ukrainian Hryvnia on Thursday, its highest level since October.

 

Following the Invasion, trading volumes between the Russian rouble and the Tether cryptocurrency spiked sharply hitting $29.4 million, their highest this year and around three times more than a week earlier.

Stablecoins, which include Tether (USDT), USD Coin (USDC), Binance (BUSD) and eMoney's suite of European Stablecoins (EEUR, ECHF, ENOK, EDKK, and ESEK) are tied to a fiat currency like the Euro and U.S. dollar. Because of this, their prices vary less, and investors are rushing in amid geopolitical turmoil as people perceive the Euro and US dollar as a safe heaven.


Far and away the biggest use of stablecoins is to facilitate the trading of cryptocurrencies like bitcoin, eth and thousands of other cryptoassets such as NFT's. However, there are a number of reasons behind the soaring market cap of stablecoins including the fact that western financial institutions are now embracing cryptoassets. 


That said, stablecoins are on the verge of a larger surge as their use moves beyond trading on cryptocurrency exchanges to the use as global currency. The demand for Visa- and Mastercard-issued debit cards that allow holders to spend crypto directly at any merchants’ point of sale shows it is growing facilitating Global Stablecoins as a very useful way to make payments and avoid geopolitical turmoil.


Global Fiat-pegged Stablecoins are arguably the fastest growing sector within the cryptocurrency market, with the top three having tripled from $50 billion to over $150 billion in just 12 months.

https://www.globalstablecoins.co.uk

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