Fed and PYMNTS show stablecoin demand trails infrastructure growth
Federal Reserve Bank of Cleveland and PYMNTS Intelligence reported that while 42% of middle-market firms have discussed or tested stablecoins, only 13% actually use them. The Cleveland Fed found that only 21 respondents said availability through a current financial provider would increase their interest in stablecoins. Among the eight Cleveland Fed respondents who are using or planning to use stablecoins, four said they would accept customer payments and four said they would pay suppliers.
PYMNTS Intelligence data shows that 88% of companies receiving stablecoins immediately convert them to U.S. dollars. These findings indicate that corporate curiosity about stablecoins outpaces actual deployment, highlighting a demand rather than supply issue. The Fed’s review of corporate disclosures found virtually no evidence that non‑financial, non‑crypto firms hold meaningful stablecoin balances on their balance sheets. The same Fed research showed that more respondents wanted proof that stablecoins were cheaper or more efficient, more time to watch adoption, or demand from customers or suppliers. All three that envisioned stablecoins serving a treasury function also intended to use them for payments.
Over the past year and a half, stablecoins have secured clearer regulation, gained more institutional backing, and seen improved infrastructure from banks, FinTechs and payment providers, yet adoption remains low.
What we know
42% of middle-market companies have at least discussed, tested or used stablecoins
13% of middle-market companies are actually using stablecoins
Only 21 respondents told the Cleveland Fed that availability through an existing financial services provider influences their interest in stablecoins
Eight Cleveland Fed respondents said they are using or planning to use stablecoins, with four citing customer payments and four citing supplier payments
88% of firms receiving stablecoins convert them immediately into U.S. dollars