Stablecoins Driving Crypto Adoption in Emerging Markets
CryptoNewsTerminal Staff12 Sep, 2024
Stablecoins Driving Crypto Adoption in Emerging Markets
Stablecoins, cryptocurrencies pegged to fiat currencies like the US dollar, are gaining popularity in emerging markets as a means of everyday commerce and financial transactions, according to a recent report by Brevan Howard Digital and Castle Island Ventures. The report, based on a survey of 2,500 crypto users in Brazil, Nigeria, Turkey, and Indonesia, found that 69% of respondents had converted fiat currencies to stablecoins. Additionally, 39% said they had purchased goods and services using stablecoins, highlighting their growing use as a viable alternative to traditional banking services in emerging markets. Tether (USDT), the most widely used stablecoin, was particularly popular in the region, the survey revealed. The findings underscore the increasing role of stablecoins in expanding crypto adoption and providing financial accessibility in emerging markets, where traditional banking infrastructure may be limited or subject to government interference.
