Fifteen years ago, somebody came up with the idea for Bitcoin on a website where people talk about stuff on the internet. Andrew Peel, who heads digital asset markets for investment bank Morgan Stanley, said that if Wall Street starts using spot Bitcoin ETFs, it could change how people around the world see and use digital money. This is because stablecoin volumes are now as large as the volumes of payment networks like PayPal and Visa.
Peel wrote a letter to investors, giving a summary of the dangers facing the U. S The dollar is currently the main currency used by countries around the world. About 60% of the money that countries keep as reserves is in dollars. In comparison, China’s money, despite the country’s recent efforts to increase its trade with other countries, only makes up 2. 5% of those totals.
However, Peel wrote that there are many things that could make the US dollar less important, such as more people using Bitcoin and big companies like Tesla and a country like El Salvador starting to use it. He also mentioned that 100 million people around the world have Bitcoin and there are Bitcoin machines in 82 countries.
Stablecoins could be the best thing for cryptocurrencies, says Peel. He points out that stablecoin trading has been as high as Visa and PayPal’s digital transactions in the past few years. Both Visa and PayPal are starting to use stablecoins. Visa is using USDC on Solana and PayPal has its own stablecoin called PYUSD.