APAC Consumers Warm Up to Stablecoin Adoption

A recent study by Visa found that nearly half of consumers in the Asia-Pacific region are open to using stablecoins for everyday transactions within the next five years.

The study, which surveyed 14,250 consumers aged 18 to 65 across 14 Asia-Pacific markets, including the Philippines, revealed that 46% of respondents are likely to use stablecoins within the next five years, compared to 16% who have used them in the past 12 months.

Stablecoins are pegged to a fiat currency or commodity to give them a stable value, unlike other cryptocurrencies like Bitcoin or Ethereum, which have volatile prices.

Visa's head of Digital Currencies for Asia-Pacific, Nischint Sanghavi, said that 'consumers are beginning to see how stablecoins could support the ways they already spend and move money.'

The study also found that consumers in Hong Kong, India, and Thailand have the strongest awareness of stablecoins, while Vietnam and India have the strongest intent to use them within the next five years.

However, the study also highlighted a gap between emerging use cases and understanding, with only 6% of consumers demonstrating an accurate understanding of how stablecoins work.