BIS: Speculative activities account for a large proportion of cross-border cryptocurrency transactions

ChainCatcher news, according to Cointelegraph, based on the latest report released by the Bank for International Settlements (BIS), approximately $600 billion of cross-border cryptocurrency transactions are primarily driven by speculative activities rather than actual payment purposes.

The report indicates that these transactions are mainly concentrated on the exchange between stablecoins and other crypto assets, reflecting the market participants' sensitivity to price fluctuations. Researchers classified cross-border transfers of stablecoins and other crypto assets using on-chain transaction data, and the results showed that most transactions belong to the exchange behavior between assets, particularly focusing on exchanges involving stablecoins such as Tether (USDT) and USD Coin (USDC).

BIS warns that although crypto assets have the potential for cross-border payments, the current usage patterns exhibit a high degree of speculation, which may pose risks to financial stability.