1.4 Global Adoption Snapshot
What you'll learn: How different regions use stablecoins to solve their unique financial challenges, from Argentine inflation protection to Philippine remittances to American corporate treasury management.
Around the world, people use stablecoins to solve different financial challenges. In Argentina, families protect their savings from inflation that can cut their money's value in half within months. In the Philippines, overseas workers send money home for a fraction of traditional costs. In Nigeria, small business owners accept digital dollars when local currency is scarce. Meanwhile, large companies in the United States use stablecoins to move millions instantly between accounts, any time of day. This section explores how different regions have embraced stablecoins to address their unique economic needs.
Understanding the Global Picture
The stablecoin market has grown from $130 billion to over $250 billion in just one year [1], roughly doubling in size. To put this in perspective, that's more money than the entire GDP of countries like Portugal or New Zealand. More importantly, over 27 million people now use stablecoins every month [2], each for their own reasons.
This growth continues at pace. Citi Institute projects the stablecoin market could reach $1.9 trillion by 2030 in a base scenario, with estimates ranging from $900 billion to $4 trillion depending on adoption rates [24]. These projections represent a 4-8x expansion from current levels, driven by cryptocurrency trading and decentralized finance applications, payments for e-commerce and digital services, and international users holding digital dollars as savings or for cross-border transactions.
What makes stablecoins particularly interesting is how differently they're used across the globe. In some countries, they're primarily tools for everyday people to protect their savings or send money to family. In others, they're sophisticated instruments used by large corporations to manage international payments. This institutional demand drives massive transaction volumes. Sui network alone processed $229 billion in stablecoin transfers in August 2025 [23], demonstrating the scale of infrastructure now supporting these digital dollars. Let's explore these regional differences and understand why they matter.
According to Chainalysis' 2024 Global Crypto Adoption Index, emerging markets dominate grassroots adoption, with India ranking first, Nigeria second, and Indonesia third [3]. This reflects how stablecoins address acute local needs rather than serving as speculative investments.
Regional Use Cases at a Glance
Latin America
Protecting savings from inflation
Local currencies losing value rapidly
Southeast Asia
Sending money home cheaply
Traditional remittances cost 6-8%
Africa
Everyday business transactions
Limited access to stable currency
North America
Corporate treasury and trading
Need for 24/7 instant settlement
Europe
Regulated digital payments
Complying with new digital laws
Latin America: Fighting Inflation with Digital Dollars
In Argentina, monthly inflation can reduce purchasing power by 20%, a reality that drives stablecoin adoption. In Argentina, where inflation reached 236% in August 2024 [4], people have found a solution: converting their local currency to stablecoins immediately after receiving payment.
Maria's Story: Buenos Aires, Argentina Maria receives her monthly salary of 500,000 pesos. Two years ago, this was worth $2,500. Today, it's worth just $500. But Maria has learned to protect her money. The moment her salary arrives, she converts it to USDC (a digital dollar). While her neighbors who keep pesos watch their savings shrink, Maria's digital dollars maintain their value.
Argentina now leads Latin America with $91 billion in crypto received between July 2023 and June 2024 [5], with stablecoins comprising 62% of all crypto transaction volume [4]. However, this adoption happens despite, not because of, regulatory frameworks. The Argentine government has imposed currency controls and taxes on foreign currency purchases, technically including stablecoins. Yet enforcement remains sporadic, creating a gray market where millions operate outside official channels. This regulatory uncertainty means users face potential legal risks alongside their inflation protection.
Venezuela shows similar patterns, with crypto volumes growing 110% year-over-year to over $25 billion [6], as citizens seek alternatives to the struggling bolÃvar. The government's relationship with crypto remains contradictory: launching the failed Petro cryptocurrency while simultaneously restricting citizen access to alternatives. Users navigate constantly shifting rules, relying on peer-to-peer networks and informal exchanges.
Southeast Asia: Transforming Remittances
Southeast Asia presents a different challenge. One of overseas workers and expensive money transfers. The Philippines received approximately $40 billion in 2024 from citizens working abroad [7], money that traditionally came with hefty fees and long delays.
Jose's Story: Dubai to Manila Jose works construction in Dubai and sends money to his family in Manila every month. Through traditional banks:
Send $500, family receives $460 (bank takes $40 in fees)
Transfer takes 3-5 business days
Can only send during banking hours
Using stablecoins:
Send $500, family receives $498.50 (costs just $1.50)
Money arrives in minutes
Available 24/7, even on holidays
This fee reduction from 6-8% to 0.1-0.3% [7], means families keep more of what's sent. Indonesia shows similar adoption patterns, with over $30 billion in transaction volume representing 352% growth [8], as millions discover cheaper ways to receive money from abroad.
Regulatory environments differ significantly across the region. The Philippines' central bank has licensed multiple crypto exchanges and created clear guidelines, encouraging legitimate adoption. Indonesia, by contrast, bans crypto as payment while allowing trading, forcing users into complex workarounds. Singapore provides clear regulations but primarily for institutions, leaving retail users in uncertainty. This patchwork of rules means a Filipino worker in Singapore sending money home must navigate multiple, sometimes conflicting, regulatory frameworks.
Africa: Building New Financial Infrastructure
In Africa, stablecoins are filling gaps where traditional banking falls short. Nigeria, despite a complex relationship with digital currencies, ranks second globally in retail crypto adoption [3] with $59 billion transacted, much of it in USDT for everyday trade [9].
This adoption persists despite Nigeria's central bank previously banning banks from servicing crypto exchanges, forcing users to rely on peer-to-peer trading. While the ban was lifted in late 2023, the relationship remains tense. The government promotes its eNaira CBDC while viewing stablecoins as competition. Businesses like Chidi's operate in a regulatory gray zone, technically legal but without clear protections or frameworks.
Chidi's Story: Lagos, Nigeria Chidi runs a small electronics shop in Lagos. When the naira faced shortages and volatility, his suppliers began requesting payment in USDT (Tether). Now Chidi prices goods in both naira and digital dollars, giving customers options. On weekends when banks are closed, his stablecoin transactions often exceed weekday volumes.
Kenya illustrates another model. The country that pioneered mobile money with M-Pesa, which processed $450 billion in the 12 months through March 2025 [10], is now piloting stablecoin corridors. However, the central bank has issued warnings about crypto risks while stopping short of clear regulations, leaving innovators uncertain about long-term viability.
South Africa has embraced formal regulation, licensing 248 digital asset providers [11], but implementation remains uneven with many operating outside the framework. Across the continent, adoption outpaces of regulation, creating both opportunities and risks for users.
North America: Institutional Innovation
While emerging markets use stablecoins for basic financial needs, North America focuses on institutional applications. The region received $1.3 trillion in on-chain crypto value (22.5% of global activity) [12], with approximately 70% consisting of high-value institutional transactions [13].
Corporate Treasury Example: New York A multinational corporation needs to move $10 million between subsidiaries in different countries. Traditional method:
Process through correspondent banks
Takes 2-3 business days
Costs $5,000-10,000 in fees
Only works during banking hours
Using institutional stablecoins:
Direct transfer on blockchain
Completes in minutes
Costs under $100
Available 24/7/365
As of September 2025, JPMorgan's Kinexys platform, the bank's institutional blockchain network (formerly part of Onyx), now processes over $3 billion daily in such transactions [14]. BlackRock's tokenized money market fund (BUIDL) surpassed $1 billion in assets [15], offering blockchain-based liquidity to investors. Payment giants are following suit: Visa expanded USDC settlements to the Solana blockchain [16], while Mastercard's Multi-Token Network pilots stablecoin-based settlements [17]. Stripe now accepts USDC payments with fees roughly 50% lower than traditional card processing [18].
However, institutional adoption occurs within a complex and evolving regulatory landscape. The recent GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) provides some federal clarity for stablecoin issuers, but states maintain their own rules. New York requires BitLicenses while Wyoming offers crypto-friendly banking charters. This state-by-state approach means companies must navigate 50 different regulatory regimes. Even established players face challenges: Circle moved its headquarters from the US to Ireland partly due to regulatory uncertainty, though it maintains US operations. The OCC's guidance on banks holding stablecoin reserves remains contested, with different administrations taking opposing views.
Europe: Regulated Innovation
Europe takes a measured approach, welcoming stablecoins within clear regulatory boundaries. The European Union's Markets in Crypto-Assets (MiCA) regulation, effective June 2024, requires stablecoin issuers to:
Hold reserves in European banks
Maintain one-to-one backing with euros or other currencies
Submit to regular audits
Obtain proper licenses
European on-chain volume reached $987 billion between July 2023 and June 2024, led by Germany ($125 billion) and France ($100 billion) [19]. This regulatory clarity has encouraged adoption while maintaining consumer protection.
However, implementation varies significantly by country. France fast-tracked licensing procedures, attracting companies like Circle and Binance. Germany, despite leading in transaction volume, interprets rules more conservatively, requiring additional capital buffers. Some Eastern European EU members lack the infrastructure to process applications efficiently, creating bottlenecks. Non-EU countries present a different picture: Switzerland remains particularly crypto-friendly with supportive banking and tax environments [20], while the UK develops its own competing framework, potentially fragmenting the European market.
Circle, the company behind USDC, obtained European licensing and launched EURC (a euro-backed stablecoin) specifically for this market. Yet EURC adoption remains modest compared to dollar stablecoins, suggesting users prefer USD stability even within Europe. This shows how regulation can encourage rather than stifle innovation when done thoughtfully, but market preferences don't always align with regulatory intentions.
Why These Patterns Matter
These regional differences reveal important truths about stablecoins:
They solve real problems: Whether protecting savings from inflation or reducing remittance costs, stablecoins address genuine financial pain points [21].
One size doesn't fit all: Different regions need different solutions. What works for Argentine savers differs from what American corporations require.
Adoption follows need: The highest usage occurs where traditional financial systems fail to serve people adequately.
Regulation shapes development: Clear rules, as in Europe and the recent U.S. GENIUS Act [22], can accelerate legitimate adoption while protecting consumers.
Looking Ahead
As stablecoins expand toward projected 2030 volumes, these regional patterns will likely influence global development. Innovations born from necessity in emerging markets may eventually benefit developed economies. Similarly, regulatory frameworks pioneered in Europe or America might provide templates for global standards.
The diversity of stablecoin adoption shows this isn't just about technology, it's about solving human problems. Whether you're a policymaker considering regulation, a business owner exploring payment options, or simply someone curious about financial innovation, understanding these regional differences provides crucial context for navigating the evolving world of digital money.
While individuals pioneered stablecoin adoption out of necessity, businesses are now discovering similar benefits at scale. The same features that help families save on remittances and protect against inflation are transforming how companies manage international payments, treasury operations, and supply chains. This enterprise adoption marks stablecoins' evolution from alternative payment method to critical financial infrastructure.
Key Takeaways:
Stablecoins have grown from $130 billion to $250 billion in one year, with 27 million monthly users solving real financial problems
Emerging markets lead adoption for survival needs: Argentina (62% of crypto is stablecoins for inflation protection), Philippines (reducing remittance costs from 8% to 0.3%), Nigeria (#2 globally for everyday commerce)
Developed markets focus on efficiency: North America processes $1.3 trillion in institutional transfers, Europe builds within regulatory frameworks like MiCA
Success follows actual need: highest adoption occurs where traditional systems fail most, whether due to inflation, high fees, or limited banking access
One size doesn't fit all: Argentine families need inflation hedges, Filipino workers need cheap remittances, American corporations need 24/7 settlement, each requiring different stablecoin solutions
References
[1] Stablecoins' market cap surges to record high as US senate passes bill - https://www.reuters.com/business/finance/stablecoins-market-cap-surges-record-high-us-senate-passes-bill-2025-06-18/
[2] Real User Participation in Stablecoin Transactions Less Than 10% - https://coinpaper.com/4128/real-user-participation-in-stablecoin-transactions-less-than-10
[3] India and Nigeria Lead the World in Crypto Adoption Again, but Indonesia Is Fastest Growing: Chainalysis - https://www.coindesk.com/policy/2024/09/11/india-and-nigeria-lead-the-world-in-crypto-adoption-again-but-indonesia-is-fastest-growing-chainalysis
[4] Argentina overtakes Brazil in crypto inflows — Chainalysis - https://cointelegraph.com/news/argentina-leads-latin-america-crypto-inflows
[5] State of the Crypto Industry 2024 - https://www.lemon.me/cryptoreport2024.pdf
[6] Venezuela’s crypto adoption surges amid inflation and currency collapse - https://cointelegraph.com/news/venezuela-crypto-adoption-bolivar-inflation-2025
[7] OFW Remittances in the Philippines Hit Record USD $38.34 Billion - https://fintechnews.ph/65862/remittance/philippines-ofw-remittances-hit-record-usd-38-34-billion/
[8] Indonesia's Crypto Currency Market Surges - https://investindonesia.co.id/2024/11/30/indonesias-crypto-currency-market-surges/
[9] Nigeria Trades $59B in Crypto Despite Ban - https://www.binance.com/en/square/post/21695452790154
[10] M-PESA exceeds $450 billion in transaction value - https://extensia.tech/m-pesa-exceeds-450-billion-in-transaction-value/
[11] South Africa issued 248 VASP licenses as adoption soared in 2024 - https://coingeek.com/south-africa-issued-248-vasp-licenses-as-adoption-soared-in-2024/
[12] North America: Institutional Momentum and U.S. Bitcoin ETPs Propel Crypto Further Into the Mainstream - https://www.chainalysis.com/blog/north-america-crypto-adoption-2024/
[13] The 2024 Geography of Crypto Report - https://admin.lexikon.com.mx/archivos/The_2024_geography_of_crypto_report_1729164229.pdf
[14] $3 Billion in Daily Transactions Now Handled by Financial Giant QNB With JPMorgan Blockchain - https://cryptorank.io/news/feed/25b6a-3-billion-in-daily-transactions-now-handled-by-financial-giant-qnb-with-jp-morgan-blockchain
[15] BlackRock's BUIDL first to cross $1 billion mark, making it the largest tokenized fund tracking onchain Treasuries - https://www.theblock.co/post/346237/blackrocks-buidl-first-to-cross-1-billion-mark-making-it-the-largest-tokenized-fund-tracking-onchain-treasuries
[16] Visa expands stablecoin settlement pilots in push to modernise cross-border payments - https://www.fintechfutures.com/cross-border-payments/visa-expands-stablecoin-settlement-pilots-in-push-to-modernise-cross-border-payments
[17] Mastercard joins Global Dollar Network for stablecoins, enables minting - https://www.ledgerinsights.com/mastercard-joins-global-dollar-network-for-stablecoins-enables-minting/
[18] Stripe reintegrates crypto payments in the US - https://blockworks.co/news/stripe-reintegrates-crypto-payments-in-the-us
[19] Stablecoins dominate market share, Bitcoin grows, and merchant services thrive in Central, Northern, & Western Europe - https://www.chainalysis.com/blog/2024-western-europe-crypto-adoption/
[20] Swiss crypto regulatory landscape: what works and where do the challenges lie? - https://www.archip.ch/en/knowledge-center/article/swiss-regulatory-landscape
[21] From the margins to the mainstream: The new capital frontier is not what you think it is - https://crypto.news/the-new-capital-frontier-is-not-what-you-think-it-is
[22] US Senate passes stablecoin bill in milestone for crypto industry - https://www.reuters.com/sustainability/boards-policy-regulation/us-senate-passes-stablecoin-bill-milestone-crypto-industry-2025-06-17/
[23] Sui, SUIG, and Ethena to Launch Native suiUSDe - https://blog.sui.io/suig-ethena-suiusde-stablecoin/
[24] CITI Stablecoins 2030 - https://www.citigroup.com/rcs/citigpa/storage/public/GPS_Report_Stablecoins_2030.pdf
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