Bridger Pennington explains stablecoins like USDC and USDT, which are pegged to the dollar. Last year stablecoin transaction volume exceeded Visa and Mastercard combined. They enable fast cross-border payments, while traditional bank wires take 5-7 days and fail about 6% of the time.
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last year stablecoins transacted more than Visa and MasterCard combined. A stablecoin is something like USDC or USDT. They're pegged to a dollar. So it's really just $1 for one, but it's a crypto. I put $10 in, I now have 10 USDC tokens and I can send them quick and fast all the way around the world in a blink of an eye. So right now with your Apple computer and you're doing all this stuff in Europe, all these, you know, you're selling iPhones and stuff. And you want to transfer capital back to the United States or other entities around the world, stablecoins have become a very useful option. Instead of sending a wire— most wires take 5 to 7 business days, there's a 6% international wire fail rate right now— you can use a stablecoin. It sends in the blink of an eye, your money's already there, shows up in a wallet. So stablecoins have become very useful for countries and companies and just individuals sending money across the globe.