Visa Report: Non-USD Stablecoins Become Main Force in Cross-Border Payments

Odaily News: A joint report from payment giant Visa and data analytics platform Dune indicates that non-USD stablecoins are accelerating their role as the de facto "local currency" within the crypto ecosystem, with significant growth in their practical application for payments and settlements.

The report shows that, unlike USD stablecoins which primarily serve DeFi yield strategies, the core use cases for non-USD stablecoins have shifted towards real-world capital flow scenarios such as cross-border payments, cross-border remittances, business-to-business (B2B) settlements, and foreign exchange management. Their assets are primarily held in user wallets, centralized exchanges, and institutional treasuries, demonstrating stronger circulation utility.

Data confirms this trend: as of February this year, the total supply of non-USD stablecoins reached $1.1 billion, approximately triple the amount from January 2023. Over the same period, the cumulative transfer volume surged from $600 million to $10 billion, an increase of over 1600%. Concurrently, the number of addresses holding these stablecoins surpassed 1.2 million, and active sending addresses grew from around 6,000 to 135,000, reflecting the continuous entry of a large-scale user base and a significant increase in ecosystem activity. (TheBlock)