Trust Wallet CEO announces the prospects for development in Africa and South Asia

There has been a surge of interest in these regions as users need access to stablecoins

09.09.2024 - 09:25

1 min

What’s new? Decentralized crypto wallet Trust Wallet has recorded an increase in users, especially in developing regions such as Africa and South Asia. Trust Wallet CEO Eowyn Chen noted that users from these regions are showing more interest as they are looking for access to stablecoins such as USDC for financial security and stability.

In an interview during Korea Blockchain Week 2024 (KBW), Chen shared her thoughts on this growing trend and the broader dynamics of the cryptocurrency market:

“We’ve seen over $8 billion in USD stablecoins, particularly USDC, being held in Trust Wallet. People need a secure, accessible way to store their assets, and decentralized wallets are providing that solution.”

What are the benefits of crypto wallets? Chen noted that in emerging markets, where banking infrastructure is often less developed, crypto wallets provide an important service by enabling users to manage their finances without relying on traditional financial institutions. Stablecoins, which are pegged to the US dollar, offer users a way to protect their savings from inflation and currency depreciation.

Earlier, Web 3.0 payment company Bridge raised $58 million from Sequoia, Ribbit, Index, and Haun Ventures. Bridge is developing a stablecoin-based fund transfer platform offering services such as payouts, cross-border payments, and foreign currency exchange. The platform is being built for users from countries with unstable economies and uncontrolled inflation.

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