Cryptocurrencies, including stablecoins, still only pay for 0.2% of online commerce transactions globally, according to the report.
Stablecoins are gaining traction, but they still only pay for a small fraction of global online commerce transactions — and stablecoins pegged to currencies besides the United States Dollar (USD) are too scarce, according to a report published Nov. 27.
Cryptocurrencies, including stablecoins, “account for just 0.2% of global e-commerce transaction value, according to the report, which was created by strategy consultancy Quinlan & Associates and blockchain developer IDA.
“Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability, and faster processing that traditional financial systems simply can’t match,” Lawrence Chu, IDA’s CEO and co-founder, said in a statement.
