BlockBeats News, March 25 — Visa and Dune released a report indicating that non-USD stablecoins are accelerating their use as actual payment and settlement tools, rather than just for DeFi yields.
Data shows that as of February this year, the total supply of non-USD stablecoins reached $1.1 billion, a threefold increase from the beginning of 2023. Transfer volumes surged from $600 million to $10 billion, a growth of over 1,600%. Currently, about 1.2 million addresses hold these coins, with a significant increase in active sending addresses.
The report points out that these stablecoins are mainly used for cross-border payments, corporate settlements, and foreign exchange management. Funds are primarily distributed across user wallets, exchanges, and institutional treasuries, rather than DeFi protocols. EURC accounts for over 90% of transfer volume, making euro stablecoins the dominant force in this sector.
Analysis suggests that as local currency stablecoins develop, they are becoming “operational currencies” in the global payment system, driving the stablecoin market from a “USD-dominated” structure toward a multi-currency framework.
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