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BNY forecasts that stablecoins and digital currencies may reach 3.6 trillion USD by 2030.
BNY Bank stated that stablecoins and digital currency instruments such as encrypted deposits and digital money market funds could reach a total value of 3.6 trillion USD in the next 5 years.
Among them, stablecoins are forecasted to reach a market capitalization of 1.5 trillion USD by the end of the decade. The report highlights that demand from institutions and legal progress are the main driving factors for this growth.
BNY believes that digital assets will accelerate payments, reduce counterparty risk, and improve collateral asset liquidity, while also stating that blockchain will complement rather than replace the traditional financial system.