A new survey has found that a majority of corporations plans to adopt and use cryptocurrency stablecoins within the next six to 12 months.
Stablecoin adoption is growing among corporations and financial institutions, driven by regulatory clarity and cost-savings in global money transfers, according to a survey by EY-Parthenon.
The survey polled 350 executives in June after the U.S. government passed the GENIUS Act that seeks to regulate stablecoins.
The survey found that 13% of corporations already use stablecoins, mainly for cross-border payments.
However, among those who don't currently use stablecoins, 54% (a majority) expect to adopt them within the next six to 12 months, according to the survey’s findings.
Stablecoins are cryptocurrencies whose value is pegged to the U.S. dollar or price of gold.
The increased adoption of stablecoins comes as the GENIUS Act provides rules for U.S. dollar-denominated stablecoins, including reserve requirements and issuer approval processes.
Executives said in the survey that the new law reduces uncertainty around liquidity, taxes, and custodial services related to stablecoins, making them more attractive.
Cost savings are also viewed as a key driver for future adoption, with 41% of current users reporting at least a 10% reduction in expenses from using stablecoins internationally.
Survey respondents also see stablecoins as a long-term fixture for global finance.
By 2030, corporations estimate that stablecoins could facilitate between 5% and 10% of all cross-border payments, representing $2.1 trillion U.S. to $4.2 trillion U.S. in value.
Despite the bullish outlook, most firms say they plan to rely on banks or financial technology (fintech) companies for future adoption and integration.
Circle Internet Group (CRCL) is the leading U.S. stablecoin issuer. The company went public in June of this year, and since then its share price has risen 73% to trade at $144.14 U.S.
