According to Golden Finance, brokerage firm Bernstein stated in a research report on Thursday that stablecoins are becoming increasingly important to the global financial system and are now the 18th largest holder of US Treasury bonds. The report says that after a decline in supply in 2023, stablecoin circulation has now recovered to a record high of $170 billion, with on-chain monthly payments tripling over the past 12 months to $1.4 trillion in July. The report notes that these cryptocurrencies are integrating more with payments and fintech companies such as PayPal (PYPL), MercadoLibre (MELI) and Grab (GRAB).