Industry participants said stablecoins offer the biggest near-term benefits for cross-border payments, while domestic UK retail adoption is likely to remain limited.
Cross-border payments are the clearest near-term use case for stablecoins, while consumer adoption in United Kingdom retail payments is likely to be slower, according to the Financial Conduct Authority’s Stablecoin Sprint.
The FCA published findings from its March policy initiative that brought together banks, payment firms, stablecoin issuers and other industry participants to explore how stablecoins could be used.
Participants said stablecoins offer the greatest advantages for cross-border payments, particularly in emerging markets with limited access to US dollars, but provide fewer benefits in major payment corridors where existing systems are already fast and relatively inexpensive.
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