The BIS revealed data from the second quarter of 2024 showing roughly $600 billion in cross-border cryptocurrency transactions. The BIS attributed many of these transactions to speculative investment, primarily pushed by Bitcoin and Ether. Stablecoins such as USDt and USDC also played a significant role in facilitating payments.
The has pointed out that the influx of cryptocurrencies across borders is no longer strictly investment-motivated, but is practically driven by use cases, such as remittances and cross-border transactions within nations where inflation rates run high.
The report continued to state that geographical barriers have minimal effects on relative to traditional financial systems.
Even with increased integration of cryptocurrencies with the global economy, their value rises as speculative assets as institutional and retail investors use digital currencies for international payment.
