According to Geoff Kendrick, head of digital asset research at Standard Chartered, and Nick Philpott, co-founder of Zodia Markets, stablecoin applications are expanding from transaction collateral to cross-border transfers, payroll, trade settlement and remittances, especially in emerging markets such as Brazil, Turkey, Nigeria, India and Indonesia. According to a YouGov survey, 69% of users use stablecoins for currency substitution, 39% for payment of goods and services, and another 39% for cross-border transfers. Users prefer tokenized assets that hold fiat currencies such as US dollars directly, reducing reliance on bank accounts. The current total stablecoin market cap hit a new high of $190 billion, led by USDT (73%) and USDC (21%).