Digital assets platform Fireblocks, in its latest report dated May 15, revealed that 90% of institutions are either using or have plans to use stablecoins. These findings were based on a survey that included 295 executives from traditional banks, financial institutions, fintechs, and payment gateways. 49% of respondents said they already use stablecoins; 23% are currently carrying out pilot tests; and 18% are planning to use a stablecoin.
The report also found that banks preferred to use stablecoins for cross-border payments, a key priority when it came to using the digital asset. However, the reasons for banks using stablecoins are different: 58% of banks in the traditional space use stablecoins for cross-border payments; 28% use stablecoins to accept payments, 12% use stablecoins to optimize their liquidity; 9% use them for B2B invoicing; and 9% use them for merchant settlement.
Another key section of the Fireblocks report highlights that 86% of firms say that their infrastructure is ready for stablecoin adoption, with the focus now shifted from pilots to execution. A transition is underway from early ‘crypto-remote’ models to deep ERP integration and full compliance.
Source: Fireblocks
Overall stablecoin adoption was also noted at an all-time high, with readiness signals ranging from 75% to 86%.
Multiple U.S. states, countries, and institutions around the world are now attempting to integrate stablecoin technology to make their financial transactions more seamless while gaining access to an emerging form of payment technology.