Visa report: Non-USD stablecoin usage accelerates, shifting from DeFi tools to “local currencies”

According to ChainCatcher, as reported by The Block, payment giant VISA and Dune have jointly released a report indicating that non-USD stablecoins are gradually being used as actual “local currencies,” with significantly increasing applications in payment and settlement scenarios.

Unlike USD stablecoins, which are mainly used for DeFi yield strategies, non-USD stablecoins are more often utilized in real fund transfer scenarios such as cross-border payments, remittances, B2B settlements, and foreign exchange management. These assets are primarily distributed among user wallets, centralized exchanges, and institutional treasuries. Data shows that as of this February, the total supply of non-USD stablecoins reached 1.1 billion USD, about three times higher than in January 2023. During the same period, transfer volume soared from 600 million USD to 10 billion USD, an increase of over 1,600%. Currently, more than 1.2 million addresses hold related stablecoins, and the number of active sending addresses has also grown from approximately 6,000 to 135,000.