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The U.S. government's attitude towards stablecoins has significantly improved over the last year, creating a more permissive environment for developers and innovators.
According to a Forbes report, stablecoins were used in more than $30 trillion worth of transactions last year.
The transaction volume of stablecoins last year exceeded the combined volume of Visa and MasterCard.
The Commodity Futures Trading Commission (CFTC) has permitted the use of stablecoins for settling derivatives trades.
Since late last year, incumbent financial institutions have intensified their opposition to pro-crypto regulatory changes, fearing a threat to their existing business models.
The Chairman of the SEC aims to move capital markets on-chain to achieve instantaneous settlement (T+0), a move opposed by financial intermediaries who profit from settlement lags.
The rapid U.S. adoption of dollar-backed stablecoins is creating global concern that foreign currencies could lose relevance due to the increased accessibility of the U.S. dollar.
The treasuries of the United States and the United Kingdom are currently engaged in a dialogue to coordinate and collaborate on regulations for crypto, blockchain, and tokenization.
Approximately 250 projects have been announced by financial players and developers to integrate crypto into their operations.
Checkout.com is deploying a major platform upgrade to enable consumers to pay with stablecoins and merchants to receive payments in stablecoins.
While the majority of stablecoin transaction volume is from cryptocurrency trading, use cases like payroll and international purchasing are growing rapidly.
Checkout.com previously had to shut down its stablecoin settlement service, which it first offered in 2021, due to an inadequate regulatory framework and difficulty finding suitable banking partners.