Stablecoins settled $3.7 trillion in 2023 and are projected to reach $5.28 trillion in 2024, according to research sponsored by Visa. The data shows that stablecoin transactions have grown steadily, highlighting their adoption beyond crypto trading. The report also found that stablecoins are being used for non-crypto purposes such as saving, currency conversion, and earning yield. Ethereum is the most popular blockchain for stablecoin settlements, followed by BNB Chain and Solana. Tether (USDT) remains the most trusted and widely used stablecoin. The findings contradict the belief that stablecoins are only used for speculative trading and show that they have become a general-purpose digital dollar instrument.
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