Visa has released a report that shows how protections at the bank level could boost American interest to use stablecoins for sending money overseas.
Survey of over 2,000 US consumers finds Americans want to be able to send their money faster, more affordably and with greater security to friends and family overseas.
According to the firm, adoption increases from 36% – 56% if stablecoins (dollar-pegged cryptoassets) include fraud protection, deposit insurance and other features similar to those offered by banks.
Nearly two thirds of respondents said that trust is more dependent on the service provider than technology. Stablecoins are more likely to be used by people who have access to existing financial institutions, with a willingness to pay of up to 45%.
According to a survey, 61% of respondents said they trust traditional banks for their digital currency services.
Over half of Americans, despite the possible rise of US stablecoins, have not heard of dollar pegged crypto assets and believe that prices fluctuate like Bitcoin (BTC).
This report reveals 36% of the respondents had experienced cross-border fraud.
In the survey, it was found that 24% had received AI-generated fake messages which appeared to be real.
Around one-fifth of those who sent money abroad cut back on their personal spending.
Says Visa Direct Global Head Vira Plotonova
“Remittances are a lifeline—funding education, essentials, and investment back home. Our research shows what matters most to those who rely on that lifeline: trust. The future of the industry will be won by the providers that work hardest to earn that trust.”
In the study, it is noted that FDIC deposit insurance does not cover stablecoins and all protection scenarios are hypothetical.
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