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Cryptocurrencies, including stablecoins, represent merely 0.2% of the overall value of global e-commerce transactions, with approximately 30,000 merchants worldwide accepting crypto payments.
A report from Quinlan & Associates and IDA Finance indicates that the proportion of cryptocurrencies utilized as a payment method in the global e-commerce sector is only 0.2%. Non-dollar stablecoins could enhance the adoption of digital assets in this area, given that the U.S. dollar constitutes approximately 60% of all cross-border payments, while dollar-pegged stablecoins make up around 99% of the total stablecoin volume.
The authors of the report emphasize that stablecoins possess the capability to merge the advantageous features of conventional fiat currencies with the revolutionary potential of blockchain technology. Key advantages include programmability, stability, and adaptability to facilitate rapid, accessible, and transparent transactions within the digital economy, particularly regarding cross-border payments.
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“Approximately one-third of all cryptocurrency users, based on various studies conducted across different markets, perceive digital assets as a payment method,” stated Max Krupyshev, CEO of CryptoProcessing.com, during the Purpose Driven FinTech podcast. As of December 2023, the estimated global number of crypto holders was 575 million, with expectations of reaching 1 billion by the conclusion of 2024.
The authors identify the absence of regulatory oversight and legal clarity in many countries as significant obstacles to broader crypto adoption. The report references data indicating that 81% of merchants refrain from using cryptocurrencies as a payment option due to regulatory ambiguity.
Another major factor, according to the researchers, is the deployment of stablecoins issued by traditional financial institutions within a closed system, which restricts their utilization and acceptance in the wider financial ecosystem. Examples include the stablecoin initiatives from MUFG, Sony Bank, and Hokkoku Financial Holdings.
Nonetheless, progress is being made gradually. Quantoz Payments recently announced the launch of MiCA-compliant stablecoins EURQ and USDQ, which are pegged to the euro and dollar, respectively.
Сообщение Crypto Accounts for 0.2% of Global E-Commerce Transaction Value появились сначала на CoinsPaid Media.
