46% of Asia-Pacific Consumers Open to Using Stablecoins Within Five Years, but Only 6% Understand Them
Summary
- Visa said its survey found that 46% of Asia-Pacific consumers said they were likely to use stablecoins within the next five years.
- It said that while 66% of all respondents were aware of stablecoins, only 6% accurately understood how they work, indicating that improvements in trust and ease of use are needed.
- Visa and its partner StraitsX said they are working to expand stablecoin payment and settlement services, including a Mexican peso-based stablecoin and 24-hour foreign-exchange settlement services.
Forecast Trend Report by Period
Nearly half of consumers in Asia-Pacific said they would be willing to use stablecoins within the next five years, with interest expanding beyond crypto trading into online shopping, travel and cross-border transfers. Still, only 6% said they accurately understand how stablecoins work, suggesting broader adoption will require stronger trust and easier-to-use services.
Visa's Consumer 360 survey, released on October 5, found that 46% of respondents said they were likely to use stablecoins within the next five years. Another 16% said they had used them in the past 12 months. The survey covered 14,250 consumers ages 18 to 65 across 14 Asia-Pacific markets, including South Korea, Japan, China and India, in June and July.
Expectations for remittances were also high. Some 49% of respondents said stablecoins could become a mainstream means of moving money across borders within five years. They also expressed interest in using them for everyday online purchases, travel expenses and overseas shopping.
The gap between awareness and understanding was wide. While 66% of all respondents said they were familiar with stablecoins, only 6% said they understood exactly how they function. Among consumers who said they knew about stablecoins, 49% believed they could only be used to buy and sell other cryptocurrencies. Another 41% of all respondents mistakenly thought their value always rises.
The biggest obstacle to adoption was concern about fraud. Among respondents who knew about stablecoins but had never used them, 38% cited worries about scams and 36% pointed to a lack of understanding as barriers. Visa said integrating stablecoins into payment services consumers already know and use is important.
The payments industry is moving to expand related services. Visa is connecting banks and financial firms to stablecoin payment and settlement systems. Its partner StraitsX is preparing to introduce a Mexican peso-based stablecoin while also reviewing 24-hour foreign-exchange settlement using the South Korean won, Hong Kong dollar and Japanese yen.
Nishant Sangal, Visa's head of digital currencies for Asia-Pacific, said consumers are beginning to see how stablecoins can be used for everyday spending and moving money. The next step, he added, is to turn that interest into payment experiences that are trusted and familiar.
