Binance: Emerging markets treat crypto like banking

Binance reports that users in emerging markets are increasingly using crypto exchanges as a substitute for traditional banking services. These users leverage platforms like Binance for savings, payments, and investments, effectively treating them as 'shadow banks.' This trend is driven by the significant portion of the global population lacking access to basic financial services, credit, and interest-bearing savings accounts. Stablecoins play a crucial role, facilitating low-cost and instant remittances, though concerns about financial resilience and monetary sovereignty persist among institutions like Moody's and the IMF.