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BlockBeats news, on May 26, according to statistical data from Coindesk, the global stablecoin market capitalization has surpassed $322 billion, reaching a record high. This scale has exceeded the official foreign exchange reserves of emerging economies such as Poland, Thailand, and Mexico, as well as developed economies like the United Kingdom, Canada, and the United Arab Emirates. Currently, only 14 economies including China, Japan, Russia, India, Taiwan region of China, and Germany hold foreign exchange reserves larger than the total stablecoin market capitalization. Stablecoins have become the core pricing and settlement medium for crypto asset trading, enabling users to hedge against crypto asset volatility without frequent conversion to fiat currencies. In decentralized finance (DeFi) protocols, stablecoins fulfill a fundamental settlement function; in the cross-border payment sphere, their advantages of low cost and high efficiency offer an alternative solution for remittance scenarios where traditional banking channels are insufficient or prohibitively costly. A recent report by the Bank for International Settlements (BIS) pointed out that since 2022, the scale of cross-border stablecoin flows has grown significantly, with particularly prominent performance in regions facing high inflation and sharp exchange rate fluctuations. However, the improvement in capital flow efficiency is accompanied by potential risks. Stablecoin transactions may intensify capital outflow pressure, making emerging markets that already face current account deficits more vulnerable to shocks from local currency depreciation. BIS research further indicates that the rise in stablecoin flow scale is significantly correlated with subsequent local currency depreciation, coverage of interest rate parity deviations, and the widening gap between implicit stablecoin exchange rates and official exchange rates in segmented markets. This phenomenon suggests that stablecoins may provide a technical channel for evading capital controls, allowing residents of emerging markets and developing economies (EMDEs) to convert their savings into dollar-denominated assets with low friction, thereby posing a challenge to the effectiveness of sovereign monetary policy.

The demand for US dollar safe-haven increases, euro against US dollar slightly retreats

Odaily reported, according to SolanaFloor monitoring, that Circle has minted approximately 250 million USDC on the Solana network in the past 6 hours.