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A large portion of international companies are using cryptocurrencies for cross-border transactions, but fewer are extending them to their clients according to a study from data platform Pymnts.
According to a study conducted with Circle, the peer-to-peer payments technology company behind the USDC stable coin, 57.6% of multinational companies are using at least one form of cryptocurrencies. Stable coins are tied to government-issued money.
According to the study, which was based on surveys of executives at 250 businesses that generate at least $10 million in annual revenue, the usage of ether was at 24%, followed by stable coins at 29%.
Smart contracts and cross-border payments are seen as the leading use cases for cryptocurrencies. Executives cited reduced transaction costs and simpler transfer procedures as reasons for using cryptocurrencies.
21% of companies don't use the token of the ethereum blockchain, but there's a chance for that to change.
Only a small percentage of financial institutions give their business-to-business customers the ability to use cryptocurrencies.
Financial institutions can find themselves at a loss about what to prioritize when considering a host of technological, commercial and regulatory variables, according to the statement about the study.
Business Insider has an original article.
