Beyond dollarization? Visa and Dune report finds non-USD stablecoins increasingly being used as money
A Visa and Dune report shows non-USD stablecoins are rapidly growing in use, reaching $1.1 billion in February with a 1600% transfer volume surge.Summary
A new report by Visa and Dune reveals a significant increase in the use of non-USD stablecoins as functional currency. The supply of these stablecoins reached $1.1 billion in February, a threefold increase since January 2023, accompanied by a 1,600% surge in transfer volume to $10 billion. Unlike USD stablecoins often used in DeFi, non-USD stablecoins are primarily held in wallets, exchanges, and institutional treasuries for cross-border payments, remittances, and business settlements. Euro stablecoins currently dominate the non-dollar sector, representing over 80% of the market cap and 85% of transfer volume, with the Brazilian real also holding a significant share. The report suggests that if Euro stablecoins achieve even a small fraction of the Euro’s international share, the market cap could reach hundreds of billions of dollars.
(Source：The Block)