Report: Stablecoin usage is still mainly in the Web3 ecosystem, regulatory uncertainty and limited non-US dollar stablecoin options are major obstacles

The report, compiled by strategic consulting firm Quinlan & Associates and blockchain developer IDA, said cryptocurrencies, including stablecoins, “account for only 0.2% of the value of global e-commerce transactions.” “Combined with blockchain-enabled features such as programmability, stablecoins can offer cost efficiencies, enhanced transparency, 24/7 availability, and faster processing speeds that traditional financial systems cannot match,” IDA co-founder and CEO Lawrence Chu said in a statement. Despite this potential, stablecoin “adoption remains primarily within the Web3 ecosystem,” the report said, citing regulatory uncertainty and limited non-USD stablecoin options as significant barriers. “This hesitation is largely driven by regulatory uncertainty, which 81% of merchants believe is a major barrier to accepting digital assets such as stablecoins as a mainstream payment method,” Quinlan & Associates CEO Benjamin Quinlan said in a statement. In addition, the report said, “83% of countries around the world do not use the U.S. dollar as an official or secondary currency, and approximately 40% of international payments are made in non-USD currencies, so non-USD-pegged stablecoins are urgently needed.” (Cointelegraph)