Nearly half of Asia-Pacific consumers are likely to use stablecoins within the next five years, according to a survey conducted by Visa of 14,250 people across the region. This represents a significant increase from the 16% who have used stablecoins in the past 12 months.
The survey found that 49% of respondents believe stablecoins could become a common method for moving money across borders within five years. Consumer interest centers on using stablecoins for everyday purchases, travel, and cross-border transfers.
Despite growing willingness to adopt stablecoins, understanding of how they function remains low. Only 6% of survey respondents demonstrated an accurate understanding of stablecoins, while 49% of those aware of them believed they could only be used to buy and sell other cryptocurrencies.
Fraud and scams emerged as the leading barrier to adoption among consumers aware of stablecoins but hesitant to use them. The Asia-Pacific region has approximately 2.5 billion consumers, according to data cited in the survey.
Visa has expanded its stablecoin settlement network and is working to support a wider range of tokens and blockchains. The company's partner Reap is preparing local-currency stablecoins for 24/7 foreign-exchange settlement in Asia, with potential tokens including Hong Kong dollar, won, and yen denominations.
