A report released by Fireblocks shares some interesting insights into the use of stablecoins by major entities. According to the report, 90% of institutions surveyed are using or exploring stablecoins. The survey, which includes 295 CEOs of fintech firms and payment processors, pinpoints that 49% use stablecoins for payments, while 23% and 18% are conducting tests and in the planning stage, respectively.
The objective of stablecoins is to enable cross-border transactions. While traditional banks face challenges in ensuring rapid international transfers without incurring high costs, stablecoin offers an escape route. Currently, 58% of banks use them for cross-border payments, while 28% use them for merchant settlements.