A recent survey by Visa has highlighted a growing interest in stablecoins among consumers in the Asia-Pacific region, with 46% of respondents indicating they may use these digital currencies for transactions in the next five years. This survey reached 14,250 people across various countries in the region.
Visa reported that only 16% of those surveyed had used stablecoins in the past year, indicating a discrepancy between interest and actual usage. Nischint Sanghavi, Visa’s Head of Digital Currencies for Asia-Pacific, noted a significant shift in consumer perceptions of stablecoins, despite their limited understanding of them.
According to the survey, approximately 49% of respondents believe stablecoins could become a common method for cross-border transfers within five years. However, the data also shows that only 6% of participants correctly understood how stablecoins function. Many respondents mistakenly thought that stablecoins could only be used for cryptocurrency transactions, with 49% holding this belief.
Concerns about fraud and scams remain significant barriers to wider adoption. Among those aware of stablecoins but who have not yet used them, these fears were frequently cited. This reflects an ongoing challenge for businesses and financial institutions seeking to educate consumers about stablecoins and build trust in the technology.
Despite these obstacles, Visa and other companies in the region are actively pursuing opportunities within the stablecoin space. The Asia Business Council noted that stablecoin issuers, banks, and card networks are competing for a market of approximately 2.5 billion middle-class consumers. Asia currently leads the world in stablecoin capital flows and on-chain activity, and payment companies aim to create products that cater to this demand.
Visa is expanding its stablecoin settlement network and is exploring support for additional tokens and blockchains. The company’s partner, Reap, is preparing to introduce fiat-backed stablecoins for various Asian markets, including potential tokens for the Hong Kong dollar, Korean won, and Japanese yen, facilitating around-the-clock foreign exchange settlements.
“Consumers are beginning to see that stablecoins can support the spending and funds transfer methods they already use,” Sanghavi stated. He emphasized that the current opportunity lies in transforming consumer interest into scalable and trustworthy payment experiences, underscoring Visa’s commitment to develop these solutions.
