U.S. Stablecoin Interest Rises to 56% With Bank-Style Protections
A survey of 2,192 U.S. adults found interest rose from 36% when stablecoins included fraud protection and deposit insurance similar to banks.
U.S. consumers’ stated interest in using stablecoins rose from 36% to 56% in a survey scenario that included bank-style fraud protection and deposit insurance for the assets.
The survey of 2,192 U.S. adults was conducted from Feb. 24 to March 2. Respondents received definitions of stablecoins and related terms before answering.
Interest reached 45% when established financial institutions offered stablecoins. Sixty-four percent of respondents said their trust in digital currencies depended more on the institution providing the service than on the underlying technology.
Traditional commercial banks ranked as the most trusted digital-currency providers, with 61% of respondents expressing trust. Global payment networks followed at 60%.
Stablecoins remain unfamiliar to many U.S. consumers. Fifty-six percent of respondents said they had never heard of them, while some who had heard of stablecoins mistakenly believed their prices would fluctuate sharply like Bitcoin.
The market has continued to expand. The total supply of dollar-denominated stablecoins surpassed $295 billion, including about $183.4 billion in Tether-issued USDT and nearly $76 billion in Circle’s USDC.
Visa’s stablecoin settlement activity exceeded a $20 billion annualized run rate as of September, more than 15 times the level a year earlier. More than 160 stablecoin-linked credit and payment card programs have launched globally.
