Visa study highlights growing Asia-Pacific interest in stablecoins

Visa's latest research reveals a growing interest in stablecoins among consumers in the Asia-Pacific region. The study, which surveyed 14,250 people across 14 markets, found that 46% of respondents are likely to use stablecoins within the next five years. However, only 16% have actually used them in the past year, indicating a gap between interest and adoption.

The survey highlighted potential uses beyond cryptocurrency trading. Nearly half of the respondents (49%) believe stablecoins could become a common method for cross-border money transfers within five years. Other potential applications include online purchases, travel spending, and overseas shopping.

Despite widespread awareness, 66% of consumers in the region have heard of stablecoins, understanding remains limited. Only 6% demonstrated an accurate understanding of how they work. Common misconceptions include the belief that stablecoins always increase in value (41%) or can only be used to trade other cryptocurrencies (49%).

Awareness and intended use varied significantly across the region. Hong Kong (84%), India (80%), and Thailand (77%) recorded the highest awareness levels. Vietnam and India led in intended use, with 67% of respondents expressing potential interest. Trust issues, including concerns about fraud (38%) and lack of understanding (36%), were identified as major obstacles to adoption.

Consumers showed a preference for stablecoins offered by established and regulated providers, such as government-linked entities (27%) or banks (26%). Nischint Sanghavi, Head of Digital Currencies at Visa Asia-Pacific, emphasized the need to integrate stablecoins into existing payment systems. 'Consumers want stablecoins to feel like a natural part of the payments they already trust,' he said.