Stablecoins Drive US Dollar Adoption in Emerging Markets: Report

A new survey reveals that stablecoins are increasingly used for savings, payments, and currency conversion, boosting the dollar's dominance.

Stablecoin market capitalization stands at $170 billion, with a significant portion backed by US dollars.
A survey of 2,500 crypto users in Nigeria, India, Turkey, Indonesia, and Brazil shows diverse non-crypto uses for stablecoins.
In Nigeria, stablecoins are heavily used for savings and payments, indicating a shift from the naira to the dollar.
Stablecoins are preferred over traditional banking due to efficiency, yield potential, and lower risk of government interference.
US lawmakers are considering regulations as stablecoins become a new source of demand for dollar assets.