BIS Report: Cryptocurrency Speculation Dominates $600 Billion Cross-Border Payments

A report by the Bank for International Settlements states that speculative activities remain closely linked to global financing rates, highlighting the growing "interconnectivity" between cryptocurrencies and traditional finance. The research released by the Bank for International Settlements on May 8 found that in the second quarter of 2024 (the last observation period covered by the analysis), the total cross-border payments using the two largest cryptocurrencies, Bitcoin and Ether, as well as the two largest stablecoins, USDT and USDC, amounted to approximately $600 billion.