A report from Oobit reveals that 70% of cryptocurrency payments in the European Union are directed towards retail, food, and beverage purchases. The average payment size using the Oobit app is $8.36, with average deposits around $85. After retail and food sectors, 26% of payments are attributed to tourism-related activities, while 1.5% each goes to government services and miscellaneous purchases like healthcare and entertainment. The report underscores that the increased adoption of crypto payments stems from a growing acceptance of digital assets in the EU, boosted by government-backed crypto legislation. Significantly, 92% of payments utilized the USDt stablecoin, indicating a reliance on stable currency amid volatility. Additionally, data from Chainalysis highlights a 44% year-over-year growth in cryptocurrency adoption across Central, Northern, and Western Europe. The report explains that technological advancements enabling micropayments, like the Lightning Network and crypto debit cards, are key drivers of this trend. As Oobit suggests, crypto usage is evolving from memes to practical means of exchange, further supported by the expanding stablecoin market, which has increased significantly since 2021.

Source đź”—