Crypto Speculation Fuels $600B in Cross-Border Payments

A recent report from the Bank for International Settlements (BIS) reveals that billions of dollars are flowing through cross-border cryptocurrency payments each quarter. The analysis, which covered the second quarter of 2024, shows a surge in activity driven largely by speculative investment activities using Bitcoin and Ethereum alongside stablecoins such as USDT and USDC. This equates to approximately $600 billion in transactions annually. The report highlights that speculative motivations are key drivers behind these payments, with global funding conditions contributing significantly.