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:
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- 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.
