According to TechFlow, a survey of 2,500 self-proclaimed cryptocurrency users in five emerging markets showed that the use of stablecoins is growing and has surpassed the simple use of cryptocurrency transactions. The survey was jointly conducted by Castle Island Ventures, Brevan Howard, Artemis and Visa Crypto.

The results show that approximately $2.62 trillion will be settled through stablecoins in the first half of 2024, with an annualized scale of $5.28 trillion. 57% of users reported an increase in the use of stablecoins in the past year, and 72% believe that this trend will continue.

In addition to cryptocurrency trading, the most common uses of stablecoins include currency exchange, commodity payment, remittance and salary payment. There are differences in usage in different regions. For example, Turkish users mainly use them to earn income, while Nigerian users mainly use them for US dollar savings.

The survey also found that Ethereum is the most commonly used stablecoin blockchain.