Stablecoins Gain Popularity in Emerging Markets for Various Uses

According to BlockBeats, a recent survey conducted by Castle Island Ventures, Brevan Howard, Artemis, and Visa Crypto reveals that stablecoins are increasingly being used for purposes beyond cryptocurrency trading in emerging markets. The survey, which included responses from nearly 2,500 individuals across five emerging markets, indicates a significant rise in the adoption of stablecoins for various financial activities. The data shows that in the first half of 2024, approximately $2.62 trillion was settled through stablecoins, with an annualized volume reaching $5.28 trillion. Notably, 57% of users reported an increase in their stablecoin usage over the past year, and 72% believe this trend will continue. The survey highlights that stablecoins are most commonly used for currency exchange, goods payments, remittances, and salary payments or receipts. This growing trend underscores the expanding role of stablecoins in the financial ecosystem of emerging markets, providing a versatile tool for various economic activities beyond traditional cryptocurrency transactions.