Using data on four USD-pegged stablecoins and 27 fiat currencies, this paper documents spillovers from stablecoin-based foreign exchange (FX) to traditional FX markets. We document a gap between the ...
USDT processed 6.72 billion transactions worth $19.1 trillion in 2025, according to data from Orbital's Q4 Stablecoin Retail Payments Index. In the fourth quarter alone, USDT handled 2.33 billion ...
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