The combined market capitalization of stablecoins has reached a new all-time high, hitting $323 billion. This figure exceeds the official currency reserves of 95 countries.
The list of countries whose international reserves are surpassed by the stablecoin sector’s capitalization includes the United Kingdom, Canada, the UAE, Poland, Thailand, and Mexico.
Only 14 countries, including China, Japan, Russia, and India, have currency reserves exceeding the market value of stablecoins. For comparison, India’s reserves amount to $688.9 billion, while Brazil’s are $358.2 billion.
The sector’s growth has accelerated in recent months. In March, the figure was estimated at $312 billion, and in April, it reached $317 billion.
Stablecoins pegged to the US dollar, such as USDT and USDC, account for 99% of the market. Despite the overall volumes, tokens denominated in euros represent only 0.3%.
The Bank for International Settlements (BIS) noted that the use of these assets is gradually extending beyond crypto trading. Stablecoins are increasingly used in cross-border payments, particularly in regions with high inflation and volatile local currencies.
However, BIS experts warned that the ease of capital movement via blockchain poses risks for emerging markets. They believe this could accelerate liquidity outflows and lead to the devaluation of national currencies.
In May, the European Central Bank warned of the risks associated with issuing euro-denominated stablecoins, which could reduce bank lending and complicate interest rate control.