The payments industry is on the verge of a seismic transformation. Recent projections from the management consultancy McKinsey & Company place the annual value of cross-border payments at $195 trillion in 2024 and expect the figure to ascend to $320 trillion by 2032. This dramatic increase will be driven by many different factors, one of them being the increasing use of stablecoins—cryptocurrencies that are pegged to an asset such as the U.S. dollar. Stablecoins are rapidly becoming the medium through which global payments are made. Major players in the industry—Visa, PayPal, Coinbase, and Ripple—are putting considerable resources into stablecoins. These
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