Stablecoins are becoming a key solution for businesses looking to simplify and enhance payment processes. In Singapore alone, the stablecoin payment value reached $1 billion a few weeks ago. This is because now stablecoins are seen as a better alternative to traditional fiat payments and volatile cryptocurrencies. They have already become a mainstream digital tool for everyday use—from payments to shopping—and the e-commerce space is no exception. 

But how exactly will they transform the e-commerce industry? Let’s break it down.

The current state of crypto payments in e-commerce

Cryptocurrency payments are gaining momentum all over the world. Recent studies show that 64% of consumers are interested in using cryptocurrencies and stablecoins as payment options. Looking at $4.2 billion in crypto payments processed via Visa crypto-backed cards in the first fiscal quarter of 2023, this becomes even more evident.

Among younger generations, the adoption rate is even higher: 40% of people aged 18-35 plan to use cryptocurrency, and 10% intend to use it regularly. Additionally, 31% of them expect to make consistent crypto payments in the next 12 months. On the business side, around 74% of retailers say they plan to start accepting crypto payments in the next two years.

Countries like the US, Canada, Australia, the EU, Israel, and the Central African Republic are now leading the way; however, new players like China and Russia have already started exploring unified crypto regulat

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Author: Guest Post