Stablecoins usage on the rise despite market downturn, reveals Visa survey
CryptoNewsTerminal Staff12 Sep, 2024
Stablecoins usage on the rise despite market downturn, reveals Visa survey
According to a survey conducted by payment company Visa along with VC Castle Island Ventures and asset manager Brevan Howard, stablecoins are no longer used exclusively for cryptocurrency trading. The survey found that despite the recent downturn in the market, stablecoin usage is on the rise. They are primarily used for currency exchange, payments, remittances, and payroll. Among stablecoins, USDT was used the most, with Ethereum-based USDT seeing more usage than Tron-based USDT. The survey was conducted with 2,500 cryptocurrency users in five emerging markets: Brazil, Nigeria, Turkey, Indonesia, and India. The findings of the survey suggest that stablecoins are becoming increasingly popular as a means of payment and currency exchange, especially in emerging markets. This is likely due to the fact that stablecoins offer a number of advantages over traditional fiat currencies, such as lower transaction fees, faster settlement times, and greater transparency.
