Odaily Planet Daily News: Castle Island Ventures has released a stablecoin report that first showcases the growth of stablecoin usage from an on chain perspective, whether it's monthly active addresses, total supply, or settlement value. Especially the new transaction value estimation indicates that stablecoins, as an important settlement medium, compete with existing transfer networks while avoiding the overestimation problem that has plagued on chain data in the past.
The survey results refute the common view that stablecoins are only used as speculative trading tools for cryptocurrency assets. 47% of surveyed cryptocurrency users set saving US dollars as their goal for using stablecoins, 43% mentioned efficient currency conversion, and 39% stated that it is used for income generation. Although accessing cryptocurrency exchanges remains the primary usage scenario for respondents, other non encrypted ordinary economic activities have also emerged.
When asked about stablecoin activities in non crypto areas, the most common use is currency substitution (69%), followed by payment for goods and services (39%), and cross-border payments (39%). Obviously, stablecoins have evolved from simple transaction collateral to a universal digital dollar tool, especially in the countries surveyed.
In addition, the vast majority (about 99%) of stablecoins are pegged to the US dollar. The discussion on stablecoin regulation in the United States cannot ignore the fact that many individuals and businesses in emerging markets rely on these networks for savings, cross-border payments, remittances, and corporate cash management. In almost all surveyed countries or regions, these stablecoins are increasingly becoming alternatives to US dollar banks as the service is scarce in these areas. Among the surveyed countries/regions, Nigerian users have the highest affinity for stablecoins.
