Visa study reveals growing interest in stablecoins in Asia-Pacific

Stablecoins are interesting, but remain poorly understood. According to a survey published by Visa on October 5, 46% of consumers surveyed in Asia-Pacific say they are likely to use stablecoins in the next five years, compared to 16% who have used them in the last twelve months. These tokens, designed to maintain a stable value compared to a currency like the dollar, are particularly attractive for purchases and international transfers. However, their operation and security still give rise to reservations.

Key Points

Visa estimates that 46% of people in Asia-Pacific are willing to pay in stablecoins within five years

The average cost of sending money of 200 dollars remains close to 6%, a barrier that dollar tokens circumvent for a few cents

The card network accepts four tokens on four blockchains and has exceeded $2.5 billion in cumulative settlements

Consumers are considering stablecoins to pay and transfer money

The Visa Consumer 360 study covers 14,250 people aged 18 to 65 in 14 Asia-Pacific markets, surveyed between June and July last year. It measures declared intentions, without guaranteeing their translation into real uses.

India and Vietnam show the highest intentions: in each of these markets, 67% of respondents say they are likely to use stablecoins within five years. On the other hand, Hong Kong comes first in terms of awareness, with 84%, ahead of India and Thailand.

And the envisaged uses go beyond the purchase of cryptocurrencies. Respondents talk about online shopping, travel spending and shopping abroad. Furthermore, 49% believe that stablecoins could become a common way to transfer money between countries in the next five years.

These results therefore indicate an interest in their usefulness as a means of payment. However, they do not allow us to conclude that almost one in two consumers intend to abandon their usual means of payment.

Understanding and trust still hold back adoption

While 66% of respondents are aware of stablecoins, only 6% demonstrate an exact understanding of how they work. Additionally, 41% believe their value is always increasing, a perception contrary to their goal of stability. Among those who know them, 49% believe that they are only used to buy or sell other cryptocurrencies.

Trust is also a barrier. Among respondents who are aware of these tokens without having used them, 38% mention the risks of fraud or scam and 36% their lack of understanding.

The preferences expressed favor regulated players. Entities linked to governments or central banks collect 27% of responses regarding the most trusted suppliers, compared to 26% for banks and regulated financial institutions.

Visa thus defends integration into familiar payment services. The group works with banks and partners on its Visa Stablecoin Platform, which makes it possible to issue, transfer and manage these tokens. The company therefore has a direct commercial interest in the development of the uses it studies.