PANews reported on March 20 that according to a survey of cryptocurrency payment platform Oobit on its users' consumption habits, 70% of cryptocurrency payments in the EU are used for retail, food and beverage consumption. The report denominated all transactions in US dollars, showing that the average payment amount using the Oobit application was $8.36, while the average deposit amount was about $85. After retail and food and beverage consumption, 26% of payments were used for tourism-related activities such as accommodation, travel and aviation. 1.5% was used for government services and digital payments, and another 1.5% was used for other consumption such as healthcare and entertainment.
The report states that the increase in cryptocurrency payments can be attributed to the EU's growing acceptance of digital assets, and the government's adoption of cryptocurrency legislation has also enhanced its credibility. However, 92% of payments are completed using the USDT stablecoin, which has encountered problems with the MiCA regulations that will fully take effect on December 30, 2024.
Oobit’s report complements Chainalysis data, which shows that cryptocurrency adoption in Central, Northern and Western Europe (CNWE) has increased by 44% year-on-year. For transactions below $1 million, the region’s stablecoin market is growing 2.5 times faster than North America.
