More than 75 percent of US retailers plan to accept payments in crypto

The use of cryptocurrencies as a payment option is increasing. Many retailers in the US are considering accepting payments in cryptocurrencies from their customers. However, most of them are interested in taking payments in stablecoins. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies.

In a survey conducted by financial services firm Delloite late last year, more than 75 percent of U.S. retailers cryptocurrencies I have shown interest in taking payment. The main reason for this is increasing consumer interest in the crypto segment. “More than 85 percent of retail merchants want to initiate the payment option in cryptocurrencies. Nearly 83 percent are interested in accepting payments in stablecoins from retailers,” the survey report noted. Large merchants in the US have already started building the infrastructure for crypto payments. For this, these retailers are investing from 1 to 100 million dollars.

Nearly half of the retailers surveyed believe that having the option of payment in crypto will improve the shopping experience for customers. The report said, “Merchants want to introduce payments in digital currency for a number of reasons. They see the market is changing rapidly and they want to follow the preferences of the customers. They need this to improve the customer experience. Along with this, the number of customers is also expected to increase.

USD Coin, Tether and Binance USD Some Popular stablecoins which are linked to the US dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds. It is easy to exchange major stablecoins for bitcoin or other cryptocurrencies. Other stablecoins have reserves in common assets but TerraUSD maintains it through an algorithm that controls supply and demand using Luna, another balancing token. TerraUSD, touted as an algorithmic stablecoin, broke its 1:1 link with the dollar last month. After this there was a huge drop in the crypto market. This also greatly reduced the market capitalization of TerraUSD. After this, the regulators insisted on increasing the scrutiny of stablecoins.
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