According to Odaily Planet Daily, Castle Island Ventures released a stablecoin report showing the growth of stablecoin use, including monthly active addresses, total supply and settlement value. The new transaction value estimate shows that stablecoins, as a settlement medium, compete with existing transfer networks and avoid the problem of overvaluation.

The survey shows that 47% of the crypto users surveyed use stablecoins to save dollars, 43% mention efficient currency conversion, and 39% use them for income generation. Although visiting crypto exchanges is still the primary use case, other non-crypto economic activities have also emerged.

In the non-crypto field, 69% of respondents use stablecoins for currency substitution, 39% for payment of goods and services, and 39% for cross-border payments. Stablecoins have evolved from transaction collateral to a general digital dollar tool.

The vast majority (about 99%) of stablecoins are pegged to the U.S. dollar. The reliance of individuals and businesses in emerging markets on these networks cannot be ignored in discussions of stablecoin regulation in the U.S. In almost all countries or regions surveyed, stablecoins are becoming an alternative to U.S. dollar banks, with Nigerian users showing the highest affinity for stablecoins.