That would be an alternative payment method, and we are doing relatively well at that in a few small areas of the globe. A circular economy supposes more than that. That a (local) economy can function without another currency (national or USD or whatever). That means anything from retail shopping to B2B transactions, to taxes being paid in that currency (in this case, HBD). We can be happy even with retail and B2B transactions only. That's not easy to accomplish at all, even if we focus on a small geographical area.
At one time, a Region in Praetoria was sold on WAX and this was the biggest transaction that had happened
Ah yes, I think it was 700k USD or something like that. But then WAX was a serious competitor in the Web3 gaming world. I'm not sure it's the case anymore, but, like you, I don't know the exact situation.