Currently, there are 617 million virtual currency holders in the world and 60 million monthly active users. Stablecoin trading volume in Q2 2024 was more than double Visa’s total trading volume during the same period. The cost of sending USDC at Base is less than 1 cent. This compares to $44 for an international wire transfer.
As of September 2024, the world has seen a significant increase in the adoption of digital assets. A16z Crypto reports that there are 617 million crypto holders worldwide and 60 million monthly active users.
Among the drivers of this surge is the unprecedented use of stablecoins, which recorded more than $8.5 trillion in trading volume in the second quarter of 2024 alone, compared to Visa’s $3.9 trillion in the same period. That’s more than double the billion dollars.
Stablecoins, on the other hand, are the “killer app” for cryptocurrencies that enable fast and cheap global transactions, and sending USDC on Base, the Ethereum layer 2 network, costs $44 more than a traditional wire transfer. on average less than 1 cent compared to .
Advances in blockchain infrastructure
This report also summarizes the evolution of blockchain networks over the past two years. Ethereum’s change to proof-of-stake, in parallel with the deployment of L2 solutions, has significantly reduced transaction costs. Ethereum’s Layer 2 and high-throughput blockchains like Base have been scaled up, allowing blockchain networks to process 50x more transactions per second. Compared to 4 years ago.
A16z’s new Builder Energy dashboard shows that interest in networks like Solana by founders is even more pronounced at 11.2%, while Ethereum remains on top at 20.8%. This further improved network efficiency and user adoption.
Cryptocurrency in politics and global expansion
Digital assets are also an important issue in US politics, especially in battleground states heading into the 2024 election. States such as Pennsylvania and Wisconsin saw large increases in crypto-related searches. More broadly, mobile wallet usage is on the rise, with the US leading the way at 12%.
While regulatory clarity and economic factors have led to rapid adoption in other countries such as Nigeria, India, and Argentina, the rest of the world is not far behind. This increased global interest, along with new regulations being developed, will see stablecoins and other forms of digital assets play a major role in the future of finance.
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