Simply put
- A recent survey by Reown indicates that stablecoin holders outnumber those holding Solana.
- Jess Houlgrave, CEO, noted that crypto payments and stablecoins have emerged as significant use cases for cryptocurrency.
- While user experience barriers exist, solutions like Wallet Connect networks are addressing issues of network fragmentation.
According to a new report from Reown, stablecoin ownership surpasses that of Solana holders.
A survey conducted by Reown and YouGov, which involved over 1,000 crypto users, revealed that 38% own stablecoins, compared to 37% for Solana. Bitcoin and Ethereum continue to dominate the market, with each accounting for 48% of ownership among users.
The findings suggest a shift toward using cryptocurrency for practical applications rather than just speculation. Houlgrave commented that while the industry has been chasing various ‘killer apps’, stablecoins and daily crypto payments have emerged as true breakout uses.
Supporting this idea, 36% of respondents enjoy trading cryptocurrencies the most, though payments are seen as the second most engaging activity. Interest in crypto payments has been growing, with a 34% usage increase among WalletConnect users.
Stablecoins are becoming a crucial part of the crypto landscape, especially following the passage of the US Genius Act, which provides a regulatory framework for stablecoin trade and issuance.
Circle, a stablecoin issuer, has solidified the role of payments and stablecoins in the crypto sector, while major retailers like Amazon and Walmart are investigating their own potential stablecoin options.
“We’re in an exciting phase of growth,” stated Nikola Pleca, Vice President of Ton Foundation Payments, expressing optimism that regulations will rapidly develop to introduce new crypto payment alternatives worldwide.
Overcoming the barriers to adoption
Nonetheless, obstacles to adopting cryptocurrency payments still exist. Houlgrave pointed out that the user experience remains complicated, with many users preferring to keep their assets in centralized exchanges—over 70% do so, despite interest in crypto payments being evident.
This complexity is heightened by network fragmentation, as 54% of users manage several wallets to support various networks.
“The gap in utility and user experience is where many users struggle,” Houlgrave added, emphasizing Rown’s commitment to addressing these issues.
Mirna Barac, Reown’s Payments Manager, noted that the company is working to facilitate the transition from Web2 to an on-chain economy by developing tools like Reown Appkit, designed for improved user experience in on-chain applications.
By simplifying onramps, stablecoin transfers, and multi-chain transactions, the Appkit aims to reduce operational complexities for businesses and enhance user experience, including features like social logins and smooth fiat-to-crypto transactions. Compliant solutions built with Reown Appkit will enable enterprises to adopt on-chain payments without legal concerns.
With developments aimed at resolving payment challenges in crypto, Houlgrave expressed that the industry is on the brink of significant progress, remarking that on-chain user experiences may soon rival, or even surpass, Web2 standards.
“The next wave of 100 million crypto users won’t just come from transactions,” she concluded. “They’ll be attracted by seamless integration of everyday payment experiences.”
