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One of the most striking developments in the stablecoin space is the surge in on-chain transaction volumes. According to K33 Research, In 2020, stablecoin transaction volumes surpassed those of PayPal, and by the following year, they even eclipsed the much larger Visa network. As of 2022 and 2023, stablecoin volumes have remained comparable to Visa, with projections indicating a potential surpassing of Visa's transaction volume in 2024.
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