Stablecoins Are Coming for Cross-Border Payments. Is Remitly a Winner or a Loser?
Key takeaways
- NVDA USDC-USD RELY USDT-USD Stablecoins are cryptocurrencies that are mostly pegged to the U.S. dollar.
- In other words, top stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) could eventually represent an existential threat to banks and other fintech companies.
- In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
NVDA USDC-USD RELY USDT-USD Stablecoins are cryptocurrencies that are mostly pegged to the U.S. dollar. They re becoming a popular way for people in countries with currency devaluation issues to preserve their savings without buying U.S. dollars, and for companies to settle cross-border transactions at faster, cheaper rates than conventional interbank transfers. Stablecoins can also be staked (locked up) on various exchanges to earn higher yields than those from traditional savings accounts.
In other words, top stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) could eventually represent an existential threat to banks and other fintech companies. One fintech company that could be hurt in that seismic shift is Remitly (NASDAQ: RELY), one of the fastest-growing independent remittance service providers in the United States.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »