An increasing number of financial institutions turn to Stablecoins, with 90% of actively using or preparing to integrate them into their operations.
According to a May 15 report in Fireblocks, which collected information from 295 managers from all banks, fintech companies and payment processors, there has been a significant change in institutional attitudes towards digital assets of the digital dollar.
Almost half of the respondents (49%) have already declared to use stablecoins for payments treatment, while 23% manage pilot programs and 18% are in the planning phase. Only 10% remain undecided.
The adoption of stablescoin is a race for relevance
Fireblocks said that the tendency to adopt Stablescoin is a race towards relevance in an increasingly digital financial environment.
“The stablecoin race has become a question of avoiding obsolescence as customer demand is accelerating and that use cases mature,” said the report.
The Stablecoins, set for traditional currencies such as the US dollar, have gained ground as an alternative to obsolete cross -border payment systems.
According to the report, 58% of traditional banks now use stablescoins specifically for cross -border transfers.
Additional 28% accept stablecoins for incoming payments. The smaller percentages of banks use them for liquidity management (12%), market establishments (9%) and invoicing between companies (9%).
Fireblocks noted that the stablecoins offer a more fluid path to the modernization of banks, given their compatibility with existing treasure operations.
By reducing the need for capital locking and allowing faster establishments, banks can gain an advantage over financial technology companies while retaining their existing infrastructure.
Faster settlement times have appeared as the best advantage of respondents, with 48% naming it as a key advantage.
The other declared advantages include improving transparency, improved liquidity management, stricter integration of payment flows, better security and reduction in transaction costs.
“Our research shows that 90% of companies are growing with the implementations of Stablecoin because they see it as a key lever for growth,” said Ran Goldi, vice-president of payments and network at Fireblocks.
“Stablecoins have become a catalyst for commercial innovation, not just an efficiency game,” added Goldi.
The stablecoins occupy the front of the stage
With billions of daily volumes and an increase in institutional interests, Stablecoins are considered the fundamental layer of the future financial system.
On May 7, Stripe introduced Stablecoin financial accounts, a new financial tool designed to help companies manage money using stablescoins supported by an American dollar.
The product allows companies in 101 countries to hold and transform into stablescoins, offering a modern alternative to traditional banking systems.
Meanwhile, Citigroup has planned a spectacular increase in the Stablescoin market, providing that its total market capitalization could go from nearly $ 240 billion to more than 2 billions by 2030.
The prediction indicates that the growth of adoption would be motivated by the regulatory developments and the increased interests of financial institutions and the public sector.
According to the banking giant, Stablecoin’s offer could reach $ 1.6 billion by the end of the decade in its basic scenario, while a more optimistic perspective places the figure at 3.7 billions of dollars.
The position of 90% of institutions using or now exploring stablescoins, Fireblocks Finds appeared first on Cryptonews.
