Castle Island Ventures talks about enormous potential of stablecoins

How do cryptocurrency owners use stablecoins in their daily lives? This is the question that Castle Island Ventures, Visa, and Brevan Howard Digital asked themselves. The companies decided to conduct a study on this topic, interviewing over 2,500 users from India, Indonesia, Brazil, Turkey, and Nigeria.

It turned out that about “20 million addresses make transactions in stablecoins every month.” In addition, “more than 120 million addresses maintain a non-zero balance on their accounts.” The conclusion is clear: the stablecoin ecosystem has become a “serious parallel financial infrastructure.”

According to the results of a user survey, stablecoins are no longer just a tool for speculative cryptocurrency trading. Almost 50% of respondents named the following as the most popular use cases for stablecoins: convenient conversion of digital currencies, purchasing goods, transfers, and receiving salaries.

“Our survey results contradict the common belief that stablecoins are exclusively used as a tool for the speculative trading of crypto assets.The findings are clear: non-crypto uses account for a meaningful share of stablecoin usage modes in the countries surveyed,” said the representative of the company Nick Carter.