This cryptocurrency is bitcoin’s biggest challenger yet — and it just might take over your wallet

Bitcoin ’s BTCUSD market capitalization has risen dramatically, but it remains a volatile speculative asset rather than a widely used exchange and payment method.

Instead, stablecoins have emerged as a viable alternative to the traditional banking system for payments and remittances.

They combine blockchain technology with reserve backing to maintain a stable value against a peg.

The illicit use of stablecoins is rising, although it is still a relatively small share of overall usage.

Stablecoins now account for approximately 63% of all illicit crypto-transactions volume.

Concerns include the risk of undermining official currencies as more transactions migrate to stablecoin platforms, their potential use in illicit financial flows.

Udaibir Das: Stablecoins are no longer a niche innovation; they are testing the foundations of modern monetary and payment systems.

Their rapid expansion is reshaping financial-stability risks, straining regulatory boundaries and challenging the roles of central banks and supervisory authorities.

As private digital tokens gain ground, existing oversight and payment-monitoring frameworks are struggling to keep pace.