Original title: Visa Publishes First-of-its-Kind Cryptocurrency Study
Original author: Mete Demiralp
Original source: https://en.bitcoinsistemi.com/
Compiled by: Mars Finance, Eason
A new study by Visa, Brevan Howard and Castle Island Ventures finds that stablecoins are increasingly being used for real purposes beyond speculative cryptocurrency trading.
The study, “Stablecoins: The Story of Emerging Markets,” marks the first global effort to track real-world usage of stablecoins, gathering information from 2,500 users in Brazil, Nigeria, Turkey, Indonesia and India.
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.
YouGov conducted the survey of 500 cryptocurrency users in five emerging markets between May 29 and June 13, 2024. The findings show that stablecoins, which typically track the value of the U.S. dollar, are increasingly seen as "core applications" in the crypto space, providing practical solutions such as currency exchange, remittances and commodity payments.
After stripping out speculative trading such as arbitrage and intra-exchange transfers, the survey found that stablecoins will process about $3.7 trillion in transactions by 2023. The industry is expected to exceed this figure in 2024, with trading volumes reaching $2.6 trillion in the first half of this year alone, and a projected total of $5.28 trillion for the full year.
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.
