This can be particularly transformative in regions with limited access to traditional financial infrastructure or in countries like Argentina, where there is low confidence in the national monetary system. According to the Bank for International Settlements, stablecoins can enable a wide range of payments and provide a gateway to other financial services, replicating the role of transaction accounts as a stepping stone to broader financial inclusion. Given their ability to provide access to financial services anywhere with an internet connection, stablecoins are seeing explosive growth in emerging markets.
The wealth management firm believes stablecoins are increasingly seen as “digital dollars” and used for everything from savings to transactions to remittances in these regions. Empowering small businesses and freelancersStablecoins can significantly reduce the costs and complexities associated with international payments, enabling small businesses and freelancers to participate in the global marketplace on a more level playing field.
Stablecoins will prove to be, and are, a vital tool in helping businesses access global talent and fill their skills gaps. Facilitating financial inclusionThrough offering an alternative to traditional banking systems, stablecoins also provide financial services to the unbanked and underbanked populations.
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Author / Journalist: Cointelegraph by Simon McLoughlin
The story "Eliminating archaic payments systems with stablecoins" has 883 words across 41 sentences, which will take approximately 4 - 8 minutes for the average person to read.
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