Cumberland, the cryptocurrency subsidiary of DRW, released a report on non-US dollar stablecoins. The report pointed out that currently, US dollar-denominated stablecoins account for 99.3% of all stablecoins and are also among the top ten stablecoin tokens.
The report highlighted multiple use cases for non-U.S. dollar stablecoins, including foreign exchange transactions and cross-border remittances. Bringing even a fraction of the $7.5 trillion in average daily forex trading volume into the crypto orbit would have a huge boost to volume.
In addition, the report noted some cost comparisons for converting dollars to euros.
Uniswap Research puts the cost of exchanging $500 on Uniswap at $7, compared with $28 for banks and $19 for remittance operators.