Odaily Planet Daily reports that according to the latest report from the Bank for International Settlements (BIS), about $600 billion of cross-border cryptocurrency transactions are largely driven by speculative activities rather than actual payment purposes. The report points out that these transactions are mainly concentrated in exchanges between stablecoins and other crypto assets, reflecting market participants' sensitivity to price volatility. Researchers used on-chain transaction data to classify cross-border transfers of stablecoins and other crypto assets, and the results showed that most transactions belong to exchanges between assets, especially concentrated on exchanges with stablecoins like Tether (USDT) and USD Coin (USDC). BIS warns that although crypto assets have potential in cross-border payments, the current usage patterns exhibit high levels of speculation, which may pose financial stability risks. (Cointelegraph)

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