Stablecoins gain ground for paychecks and daily spending
A new report by BVNK, a global cryptocurrency platform for businesses, suggests that stablecoins are gaining traction as a means of receiving income and making everyday payments. According to a survey of 4,658 crypto users from around the world, 39% of respondents receive part or all of their income in stablecoins, and 27% use them for making payments.
The adoption of stablecoins is particularly strong in emerging markets. This may be due to the high volatility of national currencies and limited access to financial services in certain regions. Stablecoins pegged to more stable assets, such as the US dollar, can provide users with a more reliable and convenient way to store and transfer funds compared to traditional banking systems.
The report found that stablecoins have gained the most popularity in Latin America and Africa, where 58% and 53% of surveyed users, respectively, receive part or all of their salary in stablecoins. In developed countries like the US and Canada, these figures are 33% and 29% respectively.
Prospects for further stablecoin growth
The accelerated adoption of stablecoins for receiving income and making payments reflects their growing appeal as an alternative to traditional financial instruments. As the cryptocurrency market develops and access to financial services expands in emerging economies, we can expect to see further growth in the popularity of stablecoins among users.
Experts note that stablecoins can become an important link between the traditional financial system and the world of cryptocurrencies, facilitating transfers, settlements, and everyday transactions. Their stability and reliability compared to volatile cryptocurrencies make them more attractive to a wider range of users.