Majority of Stablecoin Holders Want to Use Digital Assets Like Cash

A new report from PYMNTS Intelligence and Paymentology has found that consumers are eager to use digital assets like stablecoins for everyday purchases, but limited merchant acceptance and transaction costs are holding them back.

The report, titled 'From Asset to Everyday Money: Making Digital Currencies Spendable,' surveyed 2,000 consumers and found that 42% of stablecoin holders want to use digital assets for major purchases, while only 28% currently do. The 14-point gap suggests that the main constraint is no longer consumer curiosity.

However, a significant majority of stablecoin holders - 71% - would use a linked debit card to spend their stablecoins. Such cards can convert digital assets at the point of sale and send payments over established card networks, making it easier for consumers to use digital assets like they do traditional money.

The report also found that nearly three-quarters of consumers (77%) would open a crypto or stablecoin wallet through their existing banking app if the option were available. This suggests that trust in banks and FinTechs may be an important factor in getting more people to adopt digital assets for everyday spending.