Visa Releases Cryptocurrency Research Report Detailing Stablecoin Usage
On September 13, a new study conducted by Visa, Brevan Howard, and Castle Island Ventures revealed that stablecoins are increasingly being used for real-world applications, beyond speculative cryptocurrency trading.
The study found that $2.6 trillion worth of stablecoin transactions have been recorded in 2024 so far, with the majority attributed to real-world applications. "This is the first study of its kind, and I think it really speaks to the fact that stablecoins are being used in the real world, not just for crypto speculation," said Nic Carter of Castle Island Ventures in a statement. Carter added that the study fills a gap in the understanding of how stablecoins are being adopted, particularly in emerging markets.
Despite the overall downturn in the crypto market, the use of stablecoins continues to grow. The report found that 57% of users have increased their use of stablecoins in the past year, and 72% expect that trend to continue.
The study also uncovered regional differences in stablecoin usage. In Turkey, users primarily utilize stablecoins for yield generation, while in Nigeria, the main purpose is for saving in US dollars.