Stablecoins are crypto’s great success story and appear poised for continued growth. According to a recent report, 57% of the respondents to a recent 2,500-person survey said they are using stablecoins more in 2024 than last year, with 72% reckoning their usage will further increase going forward. What’s especially prescient is that the survey was done in five emerging economies, Brazil, Nigeria, Turkey, Indonesia, and India, which showcases the real-world utility of stablecoins around the world. Each country is singular in its idiosyncrasies, but one thing is clear: access to digital dollars is something people desperately want – and need. The report, a combined effort from Castle Island Ventures, Brevan Howard, Visa, and Artemis, also showed some interesting trends in stablecoin usage. However, a notable finding is that stablecoins on Ethereum continue to reign supreme, contrary to the prevailing narrative that Tron dominates the sector. “Somewhat surprisingly, Ethereum was in all geographies the most popular blockchain network, followed by Binance Chain, Solana, and Tron,” read the report. “This was unexpected, as Ethereum fees are consistently too high for smaller retail payments.” More than 50% of the 2,500 person survey said they used stablecoins to buy and sell crypto assets such as NFTs. Saving in dollars was the second most popular use with 47% of respondents, and in third, the better conversion rates with 44%. Earning a yield came in fourth with 39%. Binance continues to be the unequivocal winner in terms of usage, with nearly 50% of respondents using the platform to transact in stablecoins. It is followed by Trust Wallet – which is controlled by Binance – MetaMask, Coinbase wallet, and Solana’s Phantom. A $160 Billion Market There’s no doubt that stablecoins are a quintessential piece of the crypto pie. So much so, that they now make more money than the largest asset managers in the world. Tether, the company that mints USDT, made $6.2 billion in 2023, which translates to $700 million more than BlackRock. Even more impressive is that Tether accomplished the feat with 120 employees, whereas Larry Fink has a payroll of 26,000. That said, Tether isn’t without its worries. Today, the consumer advocacy group Consumers’ Research criticized the company for failing to audit and prove that its stablecoin is backed 1:1 by the US dollar – “after nearly a decade of promises.” Tether and its stablecoin competitors, like USDC and DAI, have a combined $160 billion market capitalization, which shows no signs of slowing down. Most non-U.S. nationals struggle with depreciating currencies and lack of access to banking. Tether and other stablecoins, despite their inherent problems, are addressing some of those concerns.