According to a new report by Oobit, the use of cryptocurrencies for everyday purchases in Europe has significantly increased, with a focus on stablecoins.
Overview of Crypto Payments in Europe
The rise of cryptocurrency usage in EU countries is becoming evident. The June 2023 report by Oobit notes that over 75% of all cryptocurrency purchases were made using stablecoins. The majority of transactions were concentrated in the retail and travel categories. In Germany, Spain, and Poland, crypto spending was mainly on retail goods, particularly food and beverages.
Poland as the Leader in Stablecoin Purchases
Poland, Lithuania, and Estonia are key stablecoin adopters. Poland accounted for over 30% of all retail purchases made with stablecoins on Oobit, with the majority settled in USDC. This trend is complemented by new regulations introduced in Poland to align with EU requirements.
The Future of Cryptocurrency Payments in Europe
The report highlights the growing integration of cryptocurrencies into daily life. Users across Europe are increasingly using digital currencies as a functional payment method rather than just a speculative asset. This trend suggests a growing real-world utility of cryptocurrencies in modern society.
Cryptocurrency payments in Europe, particularly through stablecoins, show significant growth and are becoming an important part of economic life. This trend could change the approach to using cryptocurrencies in both everyday transactions and businesses.
