In 2023, stablecoin supply has fallen around 12% from $139 billion at the start of the year to $122 billion in August.
this week was widely celebrated by the industry amid excitement about the arrival of massive American payment company to the space, the supply of the asset class has been declining for over a year.
According to data from The Block, total stablecoin supply has been declining since the middle of 2022. In 2023, supply has fallen around 12% from $139 billion at the start of the year to $122 billion in August. Some analysts think the downturn could be about to change, especially with PayPal's entrance to the sector.
"If Paypal can prove the use-case for stablecoins, not only will their utility become undeniably clear but other traditional financial institutions will face a competitive imperative to adopt stablecoins as well," Shipyard Software CEO Mark Lurie told The Block."IfRegulatory positioningIn a to state member banks interested in “issuing, holding, or transacting in dollar tokens to facilitate payments,” the U.S. Federal Reserve said banks must demonstrate proper procedures to deal with liquidity and illicit finance risks.
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