A new survey conducted by Castle Island Ventures, Artemis, and Brevan Howard Digital has found that stablecoins are being widely used for non-crypto purposes in emerging markets. The survey of approximately 2,500 crypto users in Nigeria, India, Turkey, Indonesia, and Brazil revealed that 47% of respondents use stablecoins for saving money in dollars, 43% mentioned better currency conversion rates, and 39% said earning a yield. The findings suggest that stablecoins are allowing users in these countries to access exposure to the US dollar and are being used as a form of currency substitution. In Nigeria, the survey results showed that the country had the highest usage of stablecoins in every category, suggesting a significant level of crypto dollarization in the country.



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