Stablecoins Emerge As New Payment Method Amid Challenges

According to Foresight News, DL News reports that Chris Colson, a payments researcher at the Federal Reserve Bank of Atlanta, has highlighted the growing adoption of stablecoins as a new payment method, despite facing several challenges. Colson noted that some retailers have already begun accepting stablecoin payments, and the market size for stablecoins has surpassed $230 billion, which is comparable to the annual GDP of Greece or New Zealand. Colson emphasized that for stablecoins to achieve widespread adoption, they must gain acceptance from banks, credit card companies, and regulatory bodies. He pointed out that since stablecoin transactions are based on blockchain technology, they lack the ability to reverse transactions as traditional banking payments do, posing a challenge that needs to be addressed during their promotion. He also mentioned that similar to Apple Pay, which took a decade to gain widespread user acceptance, stablecoins may require time to be broadly embraced by users.