Klaytn (klay) 
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Stablecoins: A Key Solution for Modern Payments
Stablecoins are becoming a key solution for businesses looking to simplify and enhance payment processes. In Singapore alone, the stablecoin payment value recently reached $1 billion. Stablecoins are seen as a better alternative to traditional fiat payments and volatile cryptocurrencies. They have already become a mainstream digital tool for everyday use—from payments to shopping—and the e-commerce space is no exception.
The Current State of Crypto Payments in E-Commerce
Cryptocurrency payments are gaining momentum globally. Recent studies indicate that 64% of consumers are interested in using cryptocurrencies and stablecoins as payment options. With $4.2 billion in crypto payments processed via crypto-backed cards in the first fiscal quarter of 2023, this trend is clear.
Among younger generations, the adoption rate is even higher: 40% of people aged 18-35 plan to use cryptocurrency, and 10% intend to use it regularly. Additionally, 31% of them expect to make consistent crypto payments in the next 12 months. On the business side, around 74% of retailers plan to start accepting crypto payments in the next two years.
Countries like the US, Canada, Australia, the EU, Israel, and the Central African Republic are leading the way. However, new players like China and Russia are exploring unified crypto regulations.
Despite this progress, adoption is still uneven. However, the widespread use of stablecoins, such as Tether (USDT) and USD Coin (USDC), is inevitable.
Stablecoins: A Game-Changer for E-Commerce Payments
Stablecoins can become the most convenient payment method. Here are some key advantages:
- Faster and more secure payment options
- Simplified and stable entry point into digital payments
- Eliminated conversion and exchange rate fluctuations
In e-commerce, payments need to go somewhere. Imagine processing many orders and the payments going directly to your crypto wallet instead of a registered fiat account. This streamlines the process and offers more control over the funds.
The Stability of Stablecoins
Since stablecoins are tied to fiat currencies like the US dollar or Euro, they are less volatile compared to other forms of cryptocurrency. This stability is crucial for businesses, allowing them to lock in profits without the risk of sudden value fluctuations.
Stablecoins like USDT and USDC have expanded beyond major blockchains like Ethereum. They are now available on faster, more cost-effective networks such as Polygon, Solana, Avalanche, Optimism, and Algorand.
For example, Polygon completes transactions in 2.1 seconds per block with an average transaction cost of just $0.015. Solana’s average transaction fees are as low as $0.00189, making it nearly 900 times cheaper than Ethereum.
This expansion into various blockchain networks makes stablecoins more accessible and practical for a broader range of businesses. For e-commerce, stablecoins eliminate many complications associated with traditional payments, such as chargebacks, delays, and high transaction fees.
Most importantly, cross-border payments—a major challenge for e-commerce retailers—can be significantly simplified using stablecoins. Since they are not subject to the same conversion and exchange rate fluctuations as fiat currencies, they offer a more seamless way to handle international transactions.
In short, stablecoins open the door to a global customer base without the hassles of traditional payment systems.
The Future of Stablecoin Adoption in E-Commerce
The regulatory framework has been one of the biggest challenges in crypto adoption. However, as regulations continue to evolve, more regions are adapting cryptocurrencies to fit their business needs. Stablecoins, in particular, are well-positioned to take a leading role in this transformation. What we are witnessing is the gradual normalization of cryptocurrencies—Singapore is a prime example.
Digital assets are no longer viewed as niche or speculative but as integral to the future of financial settlements.
We are already witnessing the emergence of new stablecoins. In the near future, we can expect them to be tied to assets other than fiat currencies. Hence, the further expansion of the stablecoin ecosystem across more blockchain networks and broader use of these currencies by businesses worldwide is expected.
Stablecoins are no longer a distant possibility—they are here, and their potential is vast. They provide businesses with a solution to many challenges faced in e-commerce by offering a stable, secure, and cost-effective alternative to traditional fiat payments and volatile cryptocurrencies. Faster transactions, lower fees, and increased accessibility make stablecoins an optimal way to improve payments for all businesses and attract new retailers to crypto.
It is only a matter of time before stablecoin payments become a mainstream option for e-commerce. The future is digital, and stablecoins are leading the way.
Vitaly Shtyrkin
Vitaly Shtyrkin is the CPO at B2BINPAY, an all-in-one crypto ecosystem for business. Vitaly is an experienced product manager who plays a vital role in shaping product strategy and guiding the development process to ensure alignment with organizational goals. With almost 15 years of experience in the financial market, particularly within the fintech sector, he has recently focused on developing robust crypto payment solutions for businesses. As a key team member at B2BINPAY, Vitaly is dedicated to enhancing digital asset management operations. He leads with a strategic vision that aims to create a comprehensive financial ecosystem, promoting the mainstream adoption of cryptocurrency. Leveraging his extensive expertise, Vitaly is committed to driving innovation and streamlining processes within the industry.
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