The majority of businesses surveyed are likely to use stablecoins within the next 12 months, while regulatory clarity remained the biggest barrier to wider adoption.
Business use of stablecoins is poised to surge in the next 12 months as adoption of the digital currency goes mainstream, according to a new report from payments infrastructure firm Cybrid.
The report found 42% of businesses surveyed are already using stablecoins for cross-border payments and& 88% of respondents said they are likely or very likely to use stablecoins within the next 12 months. Still, only 2% identified as committed users of traditional payment rails.
Businesses using stablecoins reported average cross-border payment cost savings of 35%, with companies processing more than $100 million in monthly payment volume reporting average savings of up to 47%, according to the survey.
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