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Stablecoins are already becoming a mainstream digital tool for everyday use. Now, both companies and regular users utilize them for payments.
In Singapore, for example, the stablecoin payment value reached $1 billion a few weeks ago, once again proving that they are becoming a key solution for businesses and e-commerce is no exception.
This is no surprise as stablecoins bring vast amounts of benefits compared to traditional fiat payments and volatile cryptocurrencies.
So, when thinking about streamlined payment methods for businesses, stablecoins are what come to mind.
But how exactly can they be used in the e-commerce industry, and why are they a better alternative for traditional payment methods? The questions must be answered.
The status quo of cryptocurrency in e-commerce
Despite crypto adoption being still uneven, there is, in fact, a huge progress, and its broader use seems inevitable.
A data-driven look
If we look at statistics, such as a recent study by Deloitte, we can see that 64% of consumers are interested in using cryptocurrencies and stablecoins as payment options.
VISA also reported $4.2 billion in crypto payments processed via its crypto-backed cards in the first quarter of 2023, demonstrating increasing consumer demand.
The indicators for crypto adoption among younger generations are even more promising, with 40% of people aged 18-35 planning to use cryptocurrency, and 10% intending to use it regularly.
Moreover, 31% of them expect to make consistent crypto payments in the next 12 months.
As for businesses, around 74% of retailers say that they’re considering starting to accept crypto payments in the next two years.
Global momentum
Importantly, at a global level, new players like China and Russia have already started exploring unified crypto regulations through the BRICS alliance.
Meanwhile, countries like the USA, Canada, Australia, the EU, Israel and the Central African Republic are still leading the way.
Why stablecoins are ideal for e-commerce
Stablecoins, as mentioned above, offer significant advantages, making them an attractive option for seamless e-commerce payments.
1. Low volatility
While the volatility of cryptocurrencies can be an advantage in some markets, it makes them less practical for everyday use.
Stablecoins in turn are tied to values of fiat currencies like the US Dollar or Euro, which reduces their volatility, giving them a huge advantage and a crucial factor…
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