Data: 69% of cryptocurrency users in countries like Brazil and India choose to convert local currency into crypto stablecoins

According to ChainCatcher news and an article by Bitfinex Securities Operations Director Jesse Knutson, data from Castle Island Ventures shows that in countries like Brazil, Nigeria, Turkey, Indonesia, and India, 69% of cryptocurrency users convert local currency into stablecoins.

Jesse points out that compared to traditional methods of obtaining dollars, they are more inclined to use stablecoins due to their higher efficiency, lower likelihood of government intervention, and potential for earning returns.

Stablecoins provide users with internet access almost instant access to dollars, with minimal transaction fees, which is particularly important for those facing double-digit or even triple-digit inflation on a daily basis.