BIS calculated the turnover of cryptocurrencies in global trade flows

At its peak in 2021, Bitcoin, Ethereum, USDT, and USDC accounted for $2.8 trillion or 12% of international goods trade. Such estimates were provided by analysts from the Bank for International Settlements (BIS).

Data: BIS. Data from 184 countries covered the period from Q1 2017 to Q2 2024.

Approximately $1.2 trillion out of $2.8 trillion were formed by transactions with stablecoins.

In 2023, the total figure decreased to $1.8 trillion, but since then it has started to grow again, indicating a continuing, albeit uneven, expansion of the crypto ecosystem.

Initially, digital gold dominated transaction volumes, reaching a peak of 80% in Q2 2019. By the end of the studied period, its share had fallen to ~25% amid a shift in focus to “stablecoins.”

Geographic barriers have less impact on digital asset transactions compared to traditional financial systems.

The USA and the UK accounted for a total of 20% of cross-border payments in Bitcoin and USDC, as well as nearly 30% in Ethereum.

Data: BIS. Experts have noted significant geographical shifts in cross-border activity, particularly from China to other major emerging markets such as India, Indonesia, and Turkey. The latter, along with Russia, accounted for 12% of such operations in USDT.

Data: BIS. The BIS found that the measures taken by the authorities of several countries to control capital flows do not have a significant impact on these flows.

Higher alternative costs of using fiat, such as high inflation, stimulate cross-border crypto transactions.

Let us remind you that in April, the Ministry of Finance of the Russian Federation proposed to develop its own stablecoins linked to different currencies.