Bernstein noted in a new report that stablecoins are increasingly becoming a systemically critical part of the global financial system, according to CoinDesk. Stablecoin supply has rallied to an all-time high with $170 billion in circulation and has become the 18th largest holder of U.S. Treasuries. The volume of on-chain payments has grown to $1.4 trillion in the past 12 months, demonstrating its widespread use in cross-border payments. In addition, stablecoins are accelerating their integration with fintech companies, including PayPal, MercadoLibre and Grab, among others.Bernstein said USD stablecoins have extremely low transfer fees on the Layer 2 blockchain, with transfers of $1,000 costing just 1 cent.