Tech investor Chamath Palihapitiya highlighted the rising dominance of stablecoins in the global financial system Tuesday, deeming them one of the hottest cryptocurrency narratives besides Bitcoin BTC/USD.

What Happened: As part of his deep dive into the stablecoin market, Palihapitiya noted that stablecoins’ weekly transaction volumes have exceeded that of Visa Inc. V.

These findings were corroborated by a recent report by asset management firm Bitwise, which showed stablecoin transaction volumes overtaking the payments giant by 2024. In 2020, stablecoin volumes were 11% of total VISA volumes.

The dominance led Palihapitiya to call dollar-backed stablecoins, including…

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