People in Poor Countries Use Crypto Apps Like Banks, Binance Reports

Millions of people in developing countries are using cryptocurrency apps as their main bank, according to a new report from Binance, the world's largest crypto exchange (a platform where people buy and sell digital currencies).

The report reveals that 77% of Binance's users now come from emerging markets (developing countries with growing economies), up from just 49% in 2020. These users aren't just trading cryptocurrencies – they're using the platform to save money, make payments, and invest, just like people in rich countries use banking apps.

Why are people choosing crypto over banks? The numbers tell a shocking story: • 1.3 billion adults worldwide have no access to banks or financial services • 4.7 billion people can't get loans or credit cards • 1.4 billion savers in poor countries earn zero interest on their savings

The report shows that people in these countries are turning to stablecoins (digital currencies designed to maintain a steady value, usually equal to $1) as their preferred way to save money. About 36% of emerging-market users keep at least half their money in stablecoins, treating them like a savings account.

Crypto transfers are also incredibly cheap and fast. While traditional international money transfers can take days and cost high fees, sending stablecoins costs as little as $0.0001 (one hundredth of a penny) and arrives almost instantly. This makes it perfect for workers sending money home to their families.

This trend shows how cryptocurrency is solving real problems for billions of people who can't access traditional banking. For them, a crypto app on their phone has become their bank, savings account, and payment system all in one.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/business/2026/05/09/emerging-market-users-are-treating-crypto-exchanges-like-banking-apps-binance-says