Visa report: Non-USD stablecoins become the mainstay of cross-border payments

A joint report released by payment giant VISA and data analytics platform Dune indicates that non-USD stablecoins are rapidly becoming de facto "native currencies" in the crypto ecosystem, with significant growth in their practical applications in payments and settlements. The report shows that unlike USD stablecoins, which primarily serve DeFi yield strategies, the core application scenarios for non-USD stablecoins have shifted to real-world fund flows such as cross-border payments, cross-border remittances, business-to-business (B2B) settlements, and foreign exchange management. Their assets are mainly held in user wallets, centralized exchanges, and institutional vaults, giving them stronger liquidity and practicality. Data confirms this trend: as of February this year, the total supply of non-USD stablecoins reached $1.1 billion, approximately three times that of January 2023; during the same period, the cumulative transaction volume surged from $600 million to $10 billion, an increase of over 1600%. Simultaneously, the number of holding addresses for these stablecoins exceeded 1.2 million, and the number of active sending addresses also increased from approximately 6,000 to 135,000, reflecting a continuous influx of a large user base and a significant increase in ecosystem activity. (The Block)