The Iranian rial plunged to a record low, spurring protests and driving many citizens to use stablecoins to protect savings and access foreign currency. Analysts say a near-term recovery looks unlikely without a clear economic plan.
Cut off from traditional dollar rails, Venezuela is increasingly using dollar-pegged stablecoins for payments, remittances and savings. The shift highlights stablecoins' practical role as cross-border payment rails while raising regulatory and compliance questions.
Usage of dollar-pegged stablecoins has surged in Iran as the rial plunged to roughly 1.42 million per USD before easing to about 1.38 million, eroding household savings and pushing up essential prices.
Binance has listed KGST, a new stablecoin pegged to the Kyrgyz som, expanding exchange access to a som‑denominated digital asset. The move could increase local liquidity and cross-border remittance options for Kyrgyz users.
TRM Labs says Venezuela’s crypto ecosystem grew directly from prolonged economic collapse and international sanctions, and predicts stablecoin use will expand for remittances, payments and savings. The shift highlights both practical demand and rising compliance challenges.
Western Union plans to roll out a “stable card” for high‑inflation markets and introduce its own token as part of a broader stablecoin and digital assets strategy.
Ripple’s Reece Merrick tweeted that the company is observing “tremendous traction” across Sub-Saharan Africa and Turkey, highlighting growing interest in its cross-border payment solutions. The remark signals potential momentum for XRP use in key remittance and liquidity corridors.
Revolut is partnering with Ethereum scaling network Polygon to enable crypto remittances and stablecoin-based payments, aiming to lower costs and speed settlement. The deal underscores growing Layer-2 and stablecoin use for cross-border transfers.
Visa has launched a pilot that pays freelancers, creators and gig workers directly in USDC, enabling near-instant cross-border transfers. The program aims to speed settlement and expand stablecoin use within established payment rails.