A new report from the platform of digital enterprise-grade assets shows that 90% of institutional players use or explor the use of stablecoins in their operation.
The report, has been published May 15, Survey 295 Executives throughout traditional banks, financial institutions, Fintech companies and payment gateways. About half of the respondents (49%) said they were already using stablecoins in payments, while 23% conducted pilot tests, and another 18% were at the planning stage. ‘
Only 10% of institutions reviewed said they were not identified about the adoption of Stablecoin.
“The Stablecoin breed has become something to prevent youthful as customer demand accelerates and uses cases,” the fireblocks wrote in the report.
Traditional banks appreciate cross-border payments for stablecoin use
As traditional cross-border systems are prevented by higher costs, delays and other inconveniences, stablecoins have emerged as a strategic solution to emerging business-to-business settings (B2B).
The report found that financial institutions, especially traditional banks, cited cross-border payments as their top priority when using stablecoins. Banks use stablecoins to recover a competitive advantage, reduce friction and meet customer expectations.
The report found that 58% of traditional banks use stablecoins for cross-border payments, while 28% use properties to accept payments. Twelve percent of banks use stablecoins to optimize their liquidity, while 9% use them to negotiate the merchant. Another 9% uses them in B2B’s invoving.
Fireblocks say banks see Stablecoins as a “path to modernization.” It said that because the properties are fiat-pegged, they are easier to incorporate into existing workflows in the ark. In addition, Stablecoins also offers a lever to recover market sharing from financial technology companies and reduce capital lock-ups.
Related: Stablecoin Bill passes the Northern Marianas while the house has override the veto
Speed is noted as the leading benefit for stablecoin use
The results of the survey showed that banks use stablecoins to recover cross-border volume while maintaining existing infrastructure. Meanwhile, financial technology companies and payment gateways use digital assets to obtain margin and income.
Among the benefits mentioned by the survey respondents, the faster regulating entered the top, with 48% of participants mentioning it as a benefit for stablecoin use. Meanwhile, the least mentioned benefit is lower transaction costs.
Other benefits include greater transparency, better managing liquidity, integrated payment flow and improved security.
Magazine: Danger signs for Bitcoin as retail that left it in institutions: Sky Wee
