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BIS: Speculative activities account for a large proportion of cross-border transactions in Crypto Assets.
CoinVoice has recently learned that, according to a report by Cointelegraph, approximately $600 billion of cross-border Crypto Assets transactions are driven mainly by speculative activities rather than actual payment purposes, as stated in the latest report published by the bank for international settlements.
The report points out that these transactions are primarily focused on the exchange between stablecoins and other crypto assets, reflecting the sensitivity of market participants to price fluctuations. Researchers classified cross-border transfers of stablecoins and other crypto assets using on-chain transaction data, and the results show that most transactions belong to exchange activities between assets, particularly concentrated on exchanges with stablecoins such as Tether (USDT) and USD Coin (USDC).
The BIS warns that although crypto assets have potential in cross-border payments, the current usage patterns exhibit a high degree of speculation, which may pose risks to financial stability.