A recent survey conducted by EY-Partenon has revealed that a majority of financial institutions and companies that do not currently use stablecoins plan to adopt them within the next six to twelve months. The survey, which was published on September 15, polled 350 decision-makers and found that 54% of non-stablecoin users intend to start implementing stablecoins by 2026. This represents a significant increase in adoption rates, from the current 13% of financial institutions and companies worldwide that use stablecoins.
The primary motivators for the introduction of stablecoins, as cited by the organizations, are reduced transaction costs and faster cross-border payments. In fact, 41% of current stablecoin users reported achieving cost savings of 10% compared to conventional payment methods. Cross-border supplier payments are the most common application of stablecoins, accounting for 62% of implementations.
Increasing Adoption Rates
The survey data showed a clear preference for established stablecoins, with USDC being used by 77% of respondents and USDT by 59%. The EURC, EURC-DES, and EURC have also gained traction worldwide, with 45% of the organizations surveyed using them. The adoption of stablecoins is expected to continue growing, with financial institutions predicting that they will make up 5% of global payments by 2030, which corresponds to $4.2 trillion according to EY-Partenon estimates.
Companies have shown a strong preference for traditional banking partnerships, with 63% opting to work with existing financial service providers for stablecoin functions. Financial institutions, on the other hand, are planning hybrid approaches, with 53% pursuing a combination of internal and supplier solutions.
Integration and Competitive Advantages
Integration is crucial for the adoption of stablecoins, with 56% of companies preferring to embed APIs on existing financial platforms. About 70% of respondents showed a greater willingness to adopt stablecoins when they are integrated into company planning systems. The survey found that 87% of companies believe that the introduction of stablecoins can achieve competitive advantages, and 81% plan to quantify formal return analyses to measure the potential benefits of using stablecoins.
Despite the institutional openness to adopting stablecoins, the survey highlighted that trust remains an important challenge, particularly in the face of dependence on large traditional actors behind these projects. As the use of stablecoins continues to grow, it is essential to address these concerns and ensure that the benefits of stablecoins are realized.
For more information on the survey and its findings, please visit https://cryptoslate.com/majority-of-institutions-with-no-stablecoin-project-plan-adoption-within-12-months/
