Visa releases Cryptocurrency research report, detailing the usage of stablecoins

BlockBeats news, on September 13th, a new study conducted by Visa, Brevan Howard, and Castle Island Ventures found that in addition to being used for speculative cryptocurrency trading, stablecoins are increasingly being used for practical purposes. According to the survey, as of now, there have been recorded $26 trillion worth of stablecoin transactions in 2024, most of which are attributed to real-world applications. Nic Carter of Castle Island Ventures stated in a declaration: 'This is the first instance of its kind of research, and I think it very much speaks to the usage of stablecoins in the real world, as opposed to just cryptocurrency speculation.' Carter added that this research fills the understanding gap of how stablecoins are being adopted, especially in emerging markets. Despite the overall downturn in the crypto market, the use of stablecoins continues to rise. The report shows that 57% of users have increased their usage of stablecoins in the past year, and 72% of users expect this trend to continue. The survey also revealed regional differences in the usage of stablecoins. In Turkey, users primarily use stablecoins to earn profits, while in Nigeria, the primary purpose is to save in US dollars.