According to a recent survey by Visa, nearly half of consumers in the Asia-Pacific (APAC) region are likely to embrace stablecoins within the next five years, a significant increase from the 16% who have used them in the past year.
Visa's study highlights a growing curiosity about stablecoin payments, despite low levels of understanding among consumers.
The survey, which included 14,250 participants, indicates a rising interest in utilizing stablecoins for daily transactions, travel, and cross-border payments. However, only 6% of those surveyed accurately grasped the mechanics behind these cryptocurrencies.
Visa reported that approximately 46% of respondents are inclined to use stablecoins by 2031, while 49% believe these digital currencies could facilitate international money transfers more commonly in the near future. Despite this enthusiasm, a large knowledge gap persists, as many participants mistakenly think stablecoins are limited to buying or selling other cryptocurrencies.
Nischint Sanghavi, Visa’s head of digital currencies for APAC, noted, "We're seeing a meaningful shift in how consumers across Asia Pacific think about stablecoins." He acknowledged that while understanding is limited, interest is on the rise.
Concerns regarding fraud and scams continue to be major hurdles for potential stablecoin users. Among those familiar with stablecoins, many expressed reluctance to use them due to these apprehensions.
The Asia-Pacific region, home to about 2.5 billion middle-class consumers, presents a significant opportunity for payment providers, as it currently leads in global stablecoin transactions and on-chain activities. Visa is expanding its stablecoin settlement network and exploring a broader range of tokens and blockchains to address this demand. Its partner, Reap, is also working on local-currency stablecoins for seamless foreign-exchange settlements across various markets, including potential tokens for the Hong Kong dollar, South Korean won, and Japanese yen.
“Consumers are beginning to see how stablecoins could support the ways they already spend and move money,” Sanghavi stated. He emphasized the importance of transforming consumer interest into reliable and familiar payment experiences that can operate on a larger scale, reinforcing Visa’s ongoing initiatives in this area.