The "new celebrity" in the cryptocurrency market is the 'Stablecoin,' which first emerged in 2014. Aimed at stabilizing digital currencies, it was launched by a US-based company called Tether Limited. It is described as "dollar-pegged," meaning the value of 1 Stablecoin is equal to 1 US Dollar.

This initiative was reportedly designed to provide relief to users regarding the price volatility of digital currencies. Following Tether, crypto giants like the US-based Circle and Coinbase, and China’s Binance, joined stablecoin projects.

Meanwhile, the trend of remittances in Bangladesh has remained positive for nearly two years. Despite the ongoing war in the Middle East, $2.2 billion arrived in the first 14 days of March. Due to these funds entering through banking channels, the reserves have surpassed $34 billion. Expatriates are also receiving increased incentives for this.

However, the blockchain monitoring firm Chainalysis states that the use of stablecoins for sending remittances to Bangladesh is rising. The US-based research firm commented on this in two reports over the past year. It noted that to avoid delays in banking channels, expatriates are sending money quickly via stablecoins through Peer-to-Peer (P2P) networks. The lion's share of these crypto transactions involves Tether (USDT), and the money is being withdrawn in the country via Mobile Financial Services (MFS), taking only a few minutes.

Another US institution, TRM Labs, says South Asia's dominance as a crypto region is growing globally. In the last fiscal year, the number of crypto users in Bangladesh increased by approximately 125%, a large portion of whom are sending money home via P2P networks like stablecoins. This has reduced transaction costs by about 4%.

Professor Dr. Shah Mohammad Ahsan Habib of the Bangladesh Institute of Bank Management (BIBM) said, "If permission is given to do something in a risky area, the people of Bangladesh do it on their own decision. But when they get into trouble, they blame the government. Take stablecoins; their stability is somewhat ensured. But Central Bank Digital Currency (CBDC) is a different thing, which is regulated. This [market] fluctuates a lot. Do ordinary people have the capacity to understand this risk?"

Although the use and transaction of cryptocurrency are legally prohibited in Bangladesh, the country ranks second in South Asia after India and 13th globally. A large portion of young freelancers are now using digital currency to receive payments from abroad. Beyond this, cryptocurrency is becoming popular for payments on online gaming and betting sites. New gateways are being used to evade Central Bank restrictions. Is it possible to regulate this?

Md. Arfan Ali, Chairman of Zaitun Business Solutions, said, "A foreign currency should enter Bangladesh against this. If an equivalent amount of foreign currency does not enter, then there is doubt about it. These matters must be handled bank-to-bank, or through legitimate dealers in Bangladesh from those money transfer agencies. Doing it outside of this will not work."

The International Monetary Fund (IMF) report also mentions the use of stablecoins in cross-border payments. The possibility of its use in import-export trade has not been ruled out. The organization suggests enacting separate laws to regulate stablecoins.