- According to research, stablecoins are actively used for payments, transfers, and savings in developing countries.
- We are talking about Latin America, African countries and Southeast Asian countries, where there is high inflation and a high barrier to banking services.
For years, stablecoins, primarily USDT and USDC, have been used by crypto traders, but they have now found their way into the hands of residents of some countries for everyday payments.
In Latin America, Africa, and Southeast Asia, ordinary people are using stablecoins to make money transfers, purchases, pay freelancers, and save money. They effectively gain access to a secure payment system unavailable through traditional banks.
According to industry research, stablecoins are becoming one of the fastest-growing forms of digital payment infrastructure in emerging markets with high inflation.
One of the main factors is financial exclusion. The World Bank estimates that hundreds of millions of adults worldwide are unbanked. Meanwhile, using stablecoins requires a smartphone and internet connection.
Nigeria: Stablecoins as a Part of Everyday Life
Nigeria has become one of the most striking examples of this transformation, with freelancers, small businesses, and families receiving remittances eagerly turning to dollar-backed digital assets to protect savings and make payments.
Recent study has shown, that nearly 80% of surveyed users in Nigeria and South Africa already own stablecoins, and 95% of Nigerian respondents said they would prefer to receive payments in stablecoins rather than in their local currency.
Local currency volatility, expensive money transfer services, and difficulties with banking have pushed users to alternatives that offer faster payments and easier access to digital dollars.
Philippines: Money Transfers Without Traditional Banks
One of the world’s largest remittance markets, the Philippines is also seeing stablecoins enter its financial landscape.
Millions of overseas Filipino workers send money home every month, and if they use traditional money transfer systems, they pay high fees. Transfers based on stablecoins significantly reduce both the cost and settlement time. according to industry expertsUsing stablecoins to process just 10% of Philippine remittances could save users tens of millions of dollars a year.
It’s important to note that recipients of payments don’t trade on cryptocurrency exchanges in the traditional way, but rather use mobile apps to convert digital dollars into local currency.
Latin America: Stablecoins are replacing dollars
In Latin America, stablecoins are increasingly being used as digital dollar accounts to protect against inflation and currency instability.
Argentina and Venezuela have become large markets with high growth rates, where stablecoins are widely used for savings, P2P trading and cross-border transfers.
Mexico has also become an important corridor for stablecoin remittances from the US. Bitso has processed billions of dollars in transfers for the country.
There are examples of payment companies interacting with national financial systems. For example, Circle Internet Group connected USDC to the Brazilian payment network PIX and the Mexican SPEI, which enables near-instant transfers between traditional currencies and blockchain-based dollars.
ResearchStudies conducted by various industry sources confirm that emerging markets are using stablecoins not for speculation, but for cross-border payments, savings protection, and trade. Latin America currently leads the world in the use of stablecoins for international payments.
Global Stablecoin Adoption: Data from Coinledger
Previously edited Happy Coin News reported that international companies such as Western Union and MoneyGram International, started experimenting with stablecoin infrastructure in response to growing consumer demand.
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