Latin American ecommerce group Mercado Libre, payments bank Banking Circle, crypto business Paxos International and Hong Kong-based IDA, and the state of Wyoming have unveiled plans for their own stablecoins in recent months.
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But stablecoins remain largely used for crypto trading. According to data from Visa, on September 3 nearly 11.3mn payments used stablecoins. However, this number dropped by nearly 80 per cent when Visa stripped out trades linked to preprogrammed trading algorithms. Visa itself processed on average more than 802mn transactions a day last year, according to its annual report.