There is currently no universally agreed standard for stablecoins, let alone a regulatory framework governing them. But the market is large – and growing fast. Since the beginning of 2020, the estimated total market value of stablecoins skyrocketed from $5.9 billion to about $130 billion.
There is a lack of consensus on stablecoins and their regulation, with no industrywide standards in place. Despite this, the market for stablecoins is rapidly expanding, with a significant increase in total market value seen in recent years. This growth is indicative of the increasing popularity and adoption of stablecoins in the financial industry.
With the market for stablecoins continuing to expand, there is a growing need for a regulatory framework to govern their use. The lack of standardized regulations poses challenges and uncertainties for users and stakeholders in the stablecoin market. Despite these challenges, the demand for stablecoins remains strong, signaling their importance in the evolving financial landscape.
