- 58% of multinational companies use at least one cryptocurrency, according to a study by Pymnts.
- Bitcoin is the most used cryptocurrency by companies generating over $ 10 million in revenue per year.
- Reducing costs compared to traditional payment options is a determining factor in the use of crypto.
A large portion of international businesses are using cryptocurrencies for cross-border transactions, showing an increase in institutional adoption of digital assets, but fewer businesses are extending crypto services to their customers, according to a study from the platform of Pymnts data.
57.6% of multinational companies use at least one form of cryptocurrency, with bitcoin being the most widely used, Pymnts said in a study conducted with Circle, the peer-to-peer payment technology company behind USDC stablecoin. Stable coins are cryptocurrencies linked to fiat currency issued by the government or like the US dollar.
Bitcoin usage was 31%, followed by stablecoins at 29% and ether at 24%, according to the study based on surveys in April of executives of 250 cross-border companies generating at least $ 10 million. annual income.
Global companies largely view smart contracts and cross-border payments as the primary use cases for cryptocurrencies and blockchain technology. Executives also cited lower transaction costs and simpler transfer procedures compared to traditional international payment options in conducting cross-border business as reasons for using cryptocurrencies.
There is potential for resumption of the use of ether, with 21% of companies not using the ethereum blockchain token expressing interest in it.
But only one in 10 financial institutions give their B2B customers the option to use cryptocurrency despite customer interest.
“Providing cryptocurrency and blockchain solutions to their customers requires [financial institutions] to take into account a host of technological, business and regulatory variables, and they can easily end up not knowing what to prioritize, ”Pymnts said in his statement on the study.