Crypto

Stablecoins Increasingly Used for Savings, Payments in Emerging Countries, but Crypto Trading Still Leads: Report

Recent research conducted among over 2,500 cryptocurrency users in Brazil, Nigeria, Turkey, Indonesia, and India has shed light on the various applications of stablecoins beyond access to crypto markets. While the primary motivation for utilizing stablecoins remains their utility in accessing digital assets, there is a growing interest in alternative use cases as well.

Stablecoins, which are digital assets pegged to a stable reserve asset like the US dollar, have gained popularity in emerging markets due to their ability to provide a reliable store of value and facilitate cross-border transactions. However, the survey revealed that users in these regions are increasingly exploring other ways to leverage stablecoins.

Non-Digital Asset Use Cases of Stablecoins

One of the key findings of the survey was the diverse range of non-digital asset use cases for stablecoins. While access to crypto markets remained the primary driver for using stablecoins, respondents also highlighted other popular applications, including:

  • Remittances: Users in emerging markets are turning to stablecoins as a cost-effective and efficient way to send money across borders.
  • Online Shopping: Some respondents reported using stablecoins to make purchases on e-commerce platforms that accept digital assets.
  • Investing: A significant number of users indicated that they are using stablecoins as an investment vehicle to hedge against inflation and preserve their wealth.
  • Peer-to-Peer Payments: Stablecoins are increasingly being used for peer-to-peer transactions, allowing users to send funds to friends and family members quickly and securely.

Overall, the survey results highlight the growing versatility of stablecoins in emerging markets and the increasing adoption of these digital assets for a wide range of use cases beyond accessing crypto markets. As awareness and understanding of stablecoins continue to grow, it is likely that their utility will expand even further, opening up new opportunities for users in these regions.

Carmen Brooke Martin

Finance Analyst Hello, my name is Carmen Brooke Martin and I am an expert finance journalist with a master's degree from New York University in Business and Economics. I'm passionate about helping startups spread the word, discover and promote great projects in the crypto and fintech industry.What I am working on is to provide basic cryptocurrency education and benefits to the crypto community through video tutorials and written content.As a business developer, I help crypto projects structure and create a whitepaper that can stir investors' interest, advice on marketing strategies and promotions.

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