Fireblocks Surpasses $3 Trillion in Transfers, with Stablecoins Accounting for Over 50%
The post Fireblocks Surpasses $3 Trillion in Transfers, with Stablecoins Accounting for Over 50% appeared on BitcoinEthereumNews.com.
To talk about the future of digital payments, senior executives from the crypto and regulatory sectors convened at the Blockchain Expert conference in Tel Aviv. Experts at the event said that “all payments worldwide will be instantaneous in just a few years.” Stablecoins Lead Blockchain Transfers “Most transactions processed by Fireblocks, and blockchain in general, are predominantly in USDT and USDC,” revealed Idan Oferat, co-founder of Fireblocks, during the Stablecoin Panel at Blockchain Expert. He added that Fireblocks has processed more than $3 trillion in client transfers, of which more than 50% are stablecoins, up from 45% earlier this year. Oferat added: “Approximately 10% of all stablecoin transactions originate from payment companies, and this use case is expected to grow significantly in the coming years.” Bitcoin Loses Its Edge in Payments Payment industry expert Daal Shalev stated: “Bitcoin started as a revolutionary tool for cross-border payments, but it has lost its edge in this domain as fiat systems have advanced. Bitcoin remains a store of value, but when it comes to payments, no one wants to use it anymore.” In addition, Shalev shared information on central bank digital currencies, or CBDCs: “The Bank of Israel has stated that it won’t launch a CBDC until other nations do so first. Former U.S. President Donald Trump famously declared, ‘Not over my dead body,’ regarding CBDCs, which has significantly set back Israel’s progress in this space.” PayPal’s PYUSD – A “Supercharged” Dollar PayPal’s Head of Blockchain and Digital Currencies, Yonatan Yochpaz, introduced PYUSD, the stablecoin that the corporation introduced in 2023. Yochpaz explained: “When you convert dollars to PYUSD, you’re giving them superpowers—it becomes instant, with no days-long settlement waiting, and cheaper to transfer because it’s on the blockchain.” He underlined that PYUSD is one of the few stablecoins guaranteed by the New York Department…
Filed under: News - @ December 25, 2024 12:24 am