Visa Report: Non-Dollar Stablecoin Usage Surges, Shifting From DeFi Tool to Payment Settlement Medium

BlockBeats News, March 25th, Visa and Dune released a report pointing out that non-dollar stablecoins are accelerating their use as actual payment and settlement tools, rather than just for DeFi yield.

Data shows that as of February this year, the total supply of non-dollar stablecoins has reached $1.1 billion, tripled from the beginning of 2023, with the transaction volume soaring from $600 million to $10 billion, an increase of over 1600%. The current number of holding addresses has reached about 1.2 million, with a significant increase in active sending addresses.

The report points out that such stablecoins are more used for cross-border payments, corporate settlements, and foreign exchange management, with funds mainly distributed in user wallets, exchanges, and institutional treasuries, rather than DeFi protocols. EURC accounts for over 90% of the transaction volume, making the Euro stablecoin the dominant force in this track.

Analysis believes that as local currency stablecoins develop, they are becoming "operational currency" in the global payment system, driving the stablecoin market from "dollar dominance" to a multi-currency structure evolution.