Stablecoins continue to solidify their role in the global financial system, with settlement volumes reaching $3.7 trillion in 2023, according to a study sponsored by Visa and conducted by Castle Island Ventures and Brevan Howard Digital.
Data and Projections
The data shows that in the first half of 2024, stablecoins settled $2.62 trillion in value, setting them on track to hit $5.28 trillion by the end of the year. Despite a broader sell-off in cryptocurrency and declining exchange volumes over the past two years, stablecoin transactions have steadily grown, highlighting their adoption beyond trading.
Popular Blockchain Platforms
The report identifies Ethereum, TRON, Arbitrum, Coinbase’s Base, BNB Chain, and Solana as the most popular blockchains for stablecoin settlements, with Ethereum leading by a significant margin.
Usage in Emerging Markets
Surveying over 2,540 crypto users across Nigeria, Indonesia, Turkey, Brazil, and India, researchers found that stablecoins are increasingly used for non-crypto purposes. 47% of respondents cited saving in dollar-denominated assets as a primary goal, 43% highlighted better currency conversion rates, and 39% focused on earning yield. Key findings show that 57% of users reported increased stablecoin usage over the past year, and 72% expect their usage to grow further.
The study demonstrated that stablecoins are not exclusively used for speculative trading. They have evolved into a general-purpose digital dollar in the surveyed countries.
Comments