Trust Wallet, a crypto wallet backed by ex-Binance boss CZ, is seeing user growth in developing regions. Africa and South Asia are the hotspots. Users there want stablecoins like USDC for financial stability.
Trust Wallet CEO Eowyn Chen spilled the beans to CryptoNews at Korea Blockchain Week 2024. The firm's still got CZ's backing, even after his Binance exit and prison stint.
Chen, based in Dubai, says downloads are steady at 1-2 million per week. Market ups and downs? No sweat. This shows a growing need for on-chain wallets where traditional finance is shaky.
"Many of our users in Africa and South Asia are looking for security and stability in their financial holdings," Chen said. She's not kidding around. Over $8 billion in USD stablecoins, mainly USDC, are chilling in Trust Wallet.
Why the stablecoin craze? It's a no-brainer. In emerging markets, banking infrastructure often sucks. Crypto wallets step in, letting users manage money without relying on traditional banks. Stablecoins, pegged to the greenback, help users dodge inflation and currency depreciation.
Now, let's talk South Korea. Chen says local users are all over crypto trading and DeFi. But it's not all smooth sailing. Regulations and market quirks make widespread adoption a tough nut to crack.
"Korea is a highly competitive market," Chen explained. They want local language support, slick UI/UX, and high-risk, high-reward investments. It's a FOMO-driven market, where big local launches can spark wider adoption.
David Kim, a smart contract whiz at Trust Wallet, chimed in on South Korean conglomerates exploring Web3. He told CryptoNews that big names like Line, Naver, and SK Telecom are waking up to Web3 wallets' importance.
But it's not all rainbows and unicorns. Most companies are still figuring out how to mesh Web3 with their existing services. Some are teaming up. Ahn Lab and SK Telecom, for instance, merged their Web3 products to create a more appealing solution.
Despite these moves, Kim notes that South Korea's Web3 market is still CEX-heavy. "A lot of retail users' funds are concentrated on CEXs, while only a small portion is in the DeFi sector," he said. Looks like there's still a long way to go.