Credit Unions' Crypto Plans vs Reality: A Tale of Two Groups

Credit unions that call themselves 'early launchers' are far ahead of their peers when it comes to cryptocurrency adoption, according to a recent report from PYMNTS Intelligence. The group's members include 35% of credit unions who are actively engaged with crypto, compared to just 2% of those who describe themselves as laggards.

The contrast becomes even starker further down the adoption curve, where only 6% of 'followers', a category that includes quick followers and laggards, are actively engaged, while 18% say they're well or fully prepared to support crypto. However, among quick followers, a whopping 35% claim to be ready for cryptocurrency but only 10% have taken action.

The report highlights the significant gap between credit unions' preparation and actual adoption of cryptocurrency. Early launchers are not only more likely to engage with crypto but also plan to expand their capabilities in the next three years, including offering links to external wallets and crypto rewards.

While 46% of credit unions have no plans for cryptocurrency and another 38% are still researching it, members themselves seem to be pulling ahead. Seventeen percent already own cryptocurrency, rising to 27% among Gen Z and millennial members.