Visa Report: The Use of Non-Dollar Stablecoins Accelerates, Shifting from DeFi Tools to "Local Currencies"

According to a report by The Block, payment giant VISA and Dune jointly released a report indicating that non-U.S. dollar stablecoins are gradually being used as actual "local currencies," with significant growth in their application in payment and settlement scenarios.

Unlike U.S. dollar stablecoins, which are primarily used for DeFi yield strategies, non-U.S. dollar stablecoins are more commonly used in practical fund flow scenarios such as cross-border payments, remittances, B2B settlements, and foreign exchange management. Their assets are mainly distributed across user wallets, centralized exchanges, and institutional treasuries. Data shows that as of February this year, the total supply of non-U.S. dollar stablecoins reached $1.1 billion, an increase of about three times compared to January 2023; during the same period, the transfer volume surged from $600 million to $10 billion, an increase of over 1600%. Currently, there are more than 1.2 million addresses holding relevant stablecoins, and the number of active sending addresses has also increased from about 6,000 to 135,000.