Visa and Dune Report Highlights Growth of Non-Dollar Stablecoins in Crypto Ecosystem

Visa, a leading payment company, has partnered with data analytics platform Dune to release a report highlighting the increasing role of non-dollar stablecoins as local currencies within the crypto ecosystem. According to Odaily, the report emphasizes the significant growth in the application of these stablecoins in payment and settlement sectors. Unlike dollar-pegged stablecoins primarily used for DeFi yield strategies, non-dollar stablecoins are now being utilized in real-world financial activities such as cross-border payments, remittances, B2B settlements, and foreign exchange management. These assets are predominantly held in user wallets, centralized exchanges, and institutional treasuries, showcasing their enhanced practical utility. Data supporting this trend reveals that by February of this year, the total supply of non-dollar stablecoins reached $1.1 billion, marking a threefold increase since January 2023. During the same period, cumulative transfer volumes surged from $600 million to $10 billion, representing a growth of over 1600%. Additionally, the number of addresses holding these stablecoins exceeded 1.2 million, while active sending addresses grew from approximately 6,000 to 135,000, indicating a substantial influx of users and heightened ecosystem activity.