Asia Pacific Consumers Warm Up to Stablecoins

A recent study by Visa found that nearly half of Asia Pacific consumers are open to using stablecoins within the next five years. The research, which surveyed 14,250 consumers across 14 Asia Pacific markets, revealed that 46% of consumers are likely to use stablecoins within the next five years, compared to 16% who have used them in the past 12 months.

The study found that interest in stablecoins extends to everyday online purchases, travel spending, and overseas shopping. In fact, 49% of consumers believe that stablecoins could become a common way to move money across borders within five years. This could have significant implications for remittances, international transfers, and other payment needs.

However, the study also found that understanding of stablecoins is limited, with 49% of consumers who are aware of stablecoins still believing that they can only be used to buy and sell other cryptocurrencies. Trust is also a concern, with 38% of consumers citing concerns about fraud or scams as a reason for not using stablecoins.

Visa's Head of Digital Currencies, Asia Pacific, Nischint Sanghavi, said: 'We're seeing a meaningful shift in how consumers across Asia Pacific think about stablecoins. Consumers are beginning to see how stablecoins could support the ways they already spend and move money, particularly through online purchases, travel and cross-border transfers.'

The study highlights the importance of making stablecoins available through secure payment experiences that consumers already recognize and trust. Visa is working with banks, regulated financial institutions, and payment partners to connect stablecoin capabilities with familiar ways to pay and move money.