David - Cryptocurrency Enthusiast
In 2022, the overall settlement volume for stablecoins exceeded $7 trillion, setting a new milestone
Except for Visa, the most recent volume record has surpassed those of the top credit card issuers
Peter Johnson predicted that stablecoins might even surpass Visa in the upcoming year
According to financial analytics platform CoinMetrics, stablecoins have reached a new record total settlement volume this year, surpassing all major credit card issuers except Visa. The data, which has been updated on the official page of cryptocurrency exchange Binance, shows that on-chain stablecoin settlements exceeded $7 trillion in 2022 and are projected to reach $8 trillion by year's end.
USDC, the leading stablecoin, claimed the second-highest settlement volume spot in 2022 with almost $2.9 trillion, more than twice the volume of the previous year. However, Tether's (USDT) acceptance has reportedly been stagnant, with a decline in settlement volume in 2022 to $3.5 trillion from $3.7 trillion in 2021. The stablecoins have outperformed Mastercard, Amex, and Discover in terms of settlement volume, according to Peter Johnson, Co-Head of Venture at Brevan Howard Digital.
Johnson predicts that stablecoins will not only outperform traditional currencies in 2023 but also probably surpass the aggregate volume of all four major card networks. However, Kimberly Adams, co-founder of Bridge Network, a cross-chain liquidity network provider, warns that comparing stablecoins to credit cards is like ‘comparing apples and oranges.’
According to CoinMetrics, seven other stablecoins, including USDC, also saw a 30% increase in trading volume. In contrast, the trading volume of several popular cryptocurrencies dropped by more than 90%. As stablecoins continue to grow in popularity and adoption, they present opportunities to trade crypto and investing in cryptocurrency. Investors should carefully consider their options for crypto storage and management, including crypto assets and coin holdings, as they consider their crypto market investment strategies.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards