The report delves into the burgeoning significance of stablecoins and alternatives to Ethereum's mainnet in facilitating consumer transactions with cryptocurrencies. Through comprehensive analysis, the report provides insights into the preferences and behaviours of crypto-shoppers.
Key findings from the report indicate a notable preference for stablecoins among crypto-shoppers, with nearly 80% favoring them over Bitcoin, Ethereum, and other cryptocurrencies for transactions. Moreover, it is revealed that 62% of consumers engaging in cryptocurrency shopping are more inclined to make purchases if the vendor accepts stablecoins.
Interestingly, there is a slight but statistically significant correlation suggesting that shoppers who prefer stablecoins tend to make purchases more frequently. Additionally, a significant portion (38%) of crypto-shoppers hold the belief that cryptocurrencies such as Bitcoin and Ethereum should not be spent due to anticipated future value appreciation.
Regarding preferred stablecoins, Tether (USDT) and USD Coin (USDC) emerge as dominant players in the market, overshadowing other alternatives. The research also explores the utilization of Layer 2 (L2), sidechain, or alternative Layer 1 (L1) networks by crypto-shoppers, indicating that 64% have engaged with these networks, with 86% of stablecoin transactions occurring on Ethereum L2s or sidechains.
Representatives of Cryptorefills emphasized the preference for stablecoins among crypto consumers based on survey and transactional data. They noted the consolidation around Tether and USD Coin, alongside significant fragmentation in the networks facilitating stablecoin transactions. Furthermore, they highlighted the diverse applications of Ethereum L2s and alternative L1s supporting stablecoins, including DeFi, NFTs, and DApps, which may further drive their adoption.
As they say, while the majority of cryptocurrency shoppers view Bitcoin and other unpegged cryptocurrencies as investments, the current mindset favours stablecoins for daily spending. However, they anticipate potential shifts in consumer behaviour over time.
Cryptorefills is known for enabling individuals from over 180 countries to top up mobile credit and purchase gift cards from leading brands using Bitcoin and other cryptocurrencies. As an early adopter of the Bitcoin Lightning Network and the first company to launch Ethereum Layer-2 payments and fast finality blockchains for e-commerce payments, Cryptorefills is at the forefront of innovation in decentralized payments, driving crypto mass adoption.
The firm serves as the hub for data collection, analysis, research, and discussion supporting the mission of Cryptorefills. Open to customers, partners, stakeholders, and the crypto community, the Labs aim to promote the adoption of blockchain-based currencies in everyday transactions, with a focus on investigating the adoption of blockchain-based digital currencies as money and payment mechanisms.
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