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

Odaily News: A joint report by payment giant Visa and data analytics platform Dune points out that non-USD stablecoins are accelerating their role as the de facto "local currency" within the crypto ecosystem, with significant growth in practical applications 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 utility for circulation.

Data confirms this trend: As of February this year, the total supply of non-USD stablecoins has reached $1.1 billion, representing an approximately 3-fold increase from January 2023. During 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 has surpassed 1.2 million, and the number of active sending addresses has grown from about 6,000 to 135,000, reflecting the continuous entry of a large-scale user base and a significant rise in ecosystem activity. (TheBlock)