Cryptocurrency Payments in the EU Predominantly Used for Retail and Food

According to PANews, a survey by cryptocurrency payment platform Oobit reveals that 70% of cryptocurrency payments in the European Union are directed towards retail, food, and beverage purchases. The report, which calculates all transactions in U.S. dollars, indicates that the average payment amount using the Oobit app is $8.36, while the average deposit amount is approximately $85. Following retail and food expenditures, 26% of payments are allocated to travel-related activities, including accommodation, travel, and aviation. Additionally, 1.5% of payments are used for government services and digital payments, with another 1.5% spent on healthcare and entertainment. The report suggests that the increase in cryptocurrency payments may be attributed to the EU's growing acceptance of digital assets, bolstered by government-enacted cryptocurrency legislation that enhances their credibility. Notably, 92% of these payments are made using the USDT stablecoin, which faces challenges under the MiCA regulations that came into full effect on December 30, 2024. Oobit's findings are supported by data from Chainalysis, which shows a 44% year-on-year increase in cryptocurrency adoption in Central, Northern, and Western Europe (CNWE). For transactions under $1 million, the stablecoin market in this region is expanding at a rate 2.5 times faster than in North America.