The rand may have notched up modest gains against the US dollar since the formation of the government of national unity, but the trend elsewhere in Africa is in the opposite direction. That's why US dollar stablecoins such as Tether (USDT) and USDC are surging in popularity in emerging markets faced with relentless depreciation in their local currencies.
A recent report on stablecoin trends in emerging markets by Castle Island Ventures and Brevan Howard Digital (sponsored by Visa) suggests that the newfound love for stablecoins - which were traditionally used as a way for crypto enthusiasts to switch into a less volatile store of value - is because they're now being used as a way to hedge against local currency weakness.
The reasons are not hard to find.
Bu hikaye The Citizen dergisinin November 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Citizen dergisinin November 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Walk Of Stars for Mes/dan success
First run in 2014, the Dubai Creek Mile (Listed) has been a key prep for the Al Maktoum Mile, the first major race for dirt milers in the UAE.
Alchahine stands out in Abu Dhabi
The return of smart HM Alchahine headlines the seven-race card at Abu Dhabi tomorrow.
Paisley Park to show he still has a winning touch
One has to go back to December 2022 to find the last time Paisley Park was led into the winner's enclosure.
Cup draw function sets the tone
Murphy adds international flair to meeting.
Star power falls short
Hollywood stars including Eva Longoria and Dominic West this week attended a centuries-old charity wine auction in the French town of Beaune, the capital of Burgundy wines, though the sums raised fell short of expectations.
Dinosaur skeleton fetches R116 million
The skeleton of a 22-metre-long dinosaur fetched €6 million (R116 million) last Saturday, AFP learned from auction houses Collin du Bocage and Barbarossa.
Four curated art sales
Strauss & Co will host four curated sales on Monday and Tuesday.
Year-end truck sale
ATTRACTION: SOMETHING FOR EVERY COMPANY AND BUDGET
NO COMPLACENCY
Unfancied Magesi FC count Richards Bay, Orlando Pirates and TS Galaxy among their cup scalps.
Proteas get a raw deal
The Proteas have been extremely hard-done-by with the lack of Test cricket over the current Test Championship cycle, and many of their players as well as head coach Shukri Conrad have voiced their dissatisfaction.
