[grotorea]

I think this is in large part because Anti-Money Laundering/Know Your Customer regulations and lagging financial infrastructure make USD not work as well as internet money for the Global South. The stablecoins just decided to throw that all away and hope that the regulators don't catch up.

But, is the utility of USDT/USDC all meaningful to BTC? Those people aren't asking to hold BTC and those who are are doing so because they want to avoid the regulations governments imposed on money transfers is my guess.

[spaceman_2020]

No, they’re doing so because holding USD is better than holding their own currencies.

It’s simply economically smarter to hold a currency that appreciates against your own. USD outperforms every currency, and USDT just makes it easier to hold.