A survey of over 2,500 people predicts $5.28 trillion in transactions by the end of the year: Nigeria shows the highest usage rate.
According to a recent report, transactions in stablecoins could reach $5.28 trillion by the end of 2024, surpassing last year’s $3.7 trillion. The data comes from a research funded by investment fund Castle Island Ventures and Visa, with contributions from Artemis and Brevan Howard Digital. The report states that stablecoin transactions reached $2.62 trillion in the first half of the year.
The survey interviewed 2,541 people in Nigeria, India, Brazil, Turkey, and Indonesia, revealing that stablecoins are used for various purposes beyond digital asset trading. 47% of respondents use stablecoins to save in dollars, 43% to get better currency exchange rates, and 39% to earn yields. Other uses include cross-border transfers (32%), payments (33%), and personal finance (34%). About 50% of respondents use stablecoins for digital asset trading.
Additionally, 69% of respondents said they have converted their local currency into stablecoins, while 39% have used them to buy goods or services and send money to relatives in other countries. 30% have used stablecoins for their business, and 23% have paid or received a salary in stablecoins, according to the survey.
57% of respondents have increased their use of stablecoins in 2024, and 72% plan to use them more in the future.
Nigeria shows the highest rate of stablecoin usage among the countries surveyed. Most respondents reported having a very favorable opinion of stablecoins, using them to save in dollars due to the ongoing depreciation of the local currency.
