Cryptorefills Labs new research on stablecoins in Crypto-Shopping

Amsterdam, Netherlands [17 April 2024] – Cryptorefills Labs, a leading authority in the cryptocurrency market, today released its latest research report titled "Stablecoins in Crypto-Shopping". The comprehensive report explores the growing importance of stablecoins and alternatives to Ethereum mainnet in driving consumer purchases with cryptocurrencies. The report reveals some compelling insights into the preferences and behaviours of crypto-shoppers.

Key findings:

The report reveals that nearly 80% of crypto-shoppers prefer to pay for goods and services with stablecoins over Bitcoin, Ethereum, and other cryptocurrencies. Furthermore, 62% of consumers shopping with cryptocurrencies would be more likely to shop if the store accepts stablecoins.

Interestingly, shoppers who prefer stablecoins shop slightly more often, indicating a small but statistically significant correlation. The study also found that 38% of crypto-shoppers believe that Bitcoin and other cryptos like Ethereum or Litecoin should not be spent as they will rise in value in the future.

In terms of preferred stablecoins, Tether (USDT) and USD Coin (USDC) dominate the market with no other stablecoin coming close in terms of preference.

The research also delves into the use of L2, sidechain or alternative L1 networks by crypto-shoppers. It was found that 64% of crypto-shoppers have used these networks at least once and 86% of stablecoin payments are made on Ethereum L2s or sidechains. 

Massimiliano Silenzi, CEO and Founder of Cryptorefills said: "Our survey and transaction data clearly show that crypto consumers today prefer to spend stablecoins over bitcoin and other unpegged cryptocurrencies."

He added: "While there is a noticeable consolidation around Tether and USD Coin, there is still significant fragmentation in the networks used to transact these currencies. Only one-sixth of stablecoin payments on our platform take place on the Ethereum mainnet, with the majority dispersed across alternative networks like Polygon, Tron, Solana, and Avalanche as well as Ethereum L2s like Optimism and Arbitrum."

Silenzi also noted that Ethereum L2s and alternative L1s supporting stablecoins have a wide range of applications, including Defi, NFTs, and Dapps. This wide adoption for purposes other than payments may further drive stablecoin payments through them.

He concluded: "The majority of cryptocurrency shoppers currently view bitcoin and other unpegged cryptocurrencies as investments rather than spending tools. However, this does not mean that things won't change in the future. The current crypto consumer mindset of translating everything into Fiat when it comes to daily spending is likely further driving the use of stablecoin payments."

For more information about our report on stablecoins in crypto-shopping, please visit Cryptorefills Labs.

 

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Cryptorefills Labs is where the data and the ideas that support the Cryptorefills mission are collected, analyzed, researched, and discussed before they become part of our product and offering. Our Labs are open to our customers, partners, stakeholders, and crypto community with the goal of promoting the adoption of blockchain based currencies in everyday life.

Our research is concentrated on investigating the adoption of blockchain based digital currencies (e.g. bitcoin) as money and as a means of payments.