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 gone beyond the simple purpose of cryptocurrency transactions.
The survey was conducted by Castle Island Ventures, Brevan Howard, Artemis and Visa Crypto. The results show that about $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 stablecoin usage over the past year, and 72% believe this trend will continue. In addition to cryptocurrency trading, the most common uses of stablecoins include currency exchange, commodity payments, remittances, and salary payments.
There are differences in usage in different regions. For example, Turkish users mainly use it to earn income, while Nigerian users mainly use it to save in US dollars. The survey also found that Ethereum is the most commonly used stablecoin blockchain.