On September 13, a new study conducted by Visa, Brevan Howard, and Castle Island Ventures found that stablecoins are increasingly being used for practical purposes in addition to speculative cryptocurrency trading.
According to the survey, $2.6 trillion worth of stablecoin transactions have been recorded so far in 2024, with the majority attributed to real-world applications. "This is the first study of its kind, and I think it's very indicative of how stablecoins are being used in the real world, not just for cryptocurrency speculation," Nic Carter of Castle Island Ventures said in a statement. Carter added that the study fills a gap in the understanding of how stablecoins are being adopted, especially in emerging markets.
Despite the overall decline in the crypto market, the use of stablecoins continues to grow. The report shows that 57% of users have increased their use of stablecoins in the past year, and 72% expect this trend to continue.
The survey also revealed regional differences in stablecoin usage. In Turkey, users use stablecoins mainly to earn yields, while in Nigeria, the main purpose is to save in US dollars.
