Visa, in collaboration with Dune, has released a report revealing a significant rise in the adoption of non-U.S. dollar stablecoins as local currencies. These stablecoins are increasingly used for real-world financial activities such as cross-border payments, remittances, and B2B settlements, contrasting with U.S. dollar stablecoins that are mainly employed in DeFi yield strategies. The report highlights that the total supply of non-U.S. dollar stablecoins reached $1.1 billion by February, tripling since January 2023. Transaction volumes also saw a dramatic increase, soaring from $600 million to $10 billion, marking a 1,600% rise. The number of addresses holding these stablecoins has surpassed 1.2 million, with active sending addresses growing from 6,000 to 135,000.