In many regions around the world, individuals may not have sufficient access to a trustworthy bank or other fiduciary institution to process their transactions and keep their assets safe. However, the ubiquity of mobile devices enables millions of people to interact with one another through the internet. With the advancement of stablecoins, a development of cryptocurrency and blockchain technology, traditionally underbanked regions and individuals around the world will have an opportunity to place their trust in a fully decentralized store of value.
This chart represents the total distribution of adults per country, worldwide, who do not maintain a checking or savings account but do own a mobile phone. The data used to create the chart can be found here.
The data represented in the map below was sourced using a Python script from the official Twitter API. The map represents locations across the United States where tweets originated (starting from 7/17/20 to 7/22/20) containing “#stablecoin.” Clearly, the majority of tweets came from New York, Los Angeles, and San Francisco. This anomaly in the data is to be expected, as the majority of stablecoins in development are located in these areas (ex. Silicon Valley). It would follow that the communities discussing stablecoins would fall into the regions they are being developed in, especially as this technology is relatively new. As the adoption rate and popularity of stablecoins continues to grow not only in the United States but also in other countries around the world, this map is expected to show less concentrated hotspots and a more even distribution of tweets containing ‘#stablecoin’.
What is a stablecoin?
Stablecoins are a form of cryptocurrency that aim to have minimal volatility. Some of the most popular stablecoins, such as Tether and DAI, are pegged to the U.S. dollar and are collateralized with various types of assets (fiat, crypto, real estate, etc.). Stablecoins represent a key adoption factor to mainstream cryptocurrency and blockchain technology adoption because they will enable a stable, trusted store of value for people and societies all around the world. For example, stability in currency is especially useful for those living in countries like Venezuela and Iran, where the price of local fiat currency is constantly being inflated. Stablecoins present an incredible opportunity for people everywhere to securely store their wealth and transact anytime with anyone in the world.