Stablecoins must act like bank money to win APAC businesses, survey suggests

A recent survey conducted by Morph Payments reveals that cross-border payments in Southeast Asia are plagued by delays, fees, and unpredictable outcomes. The study of 150 independent operators found that 83% of respondents experienced international invoice payments taking at least two business days to reach local bank accounts. Additionally, 65% of respondents lose 3% or more of their international earnings due to fees and foreign exchange, with some losing over US$300 per US$10,000 invoice.

Of the 150 respondents, 94% expressed a strong interest in an alternative payment option as a backup. While fees and foreign exchange markups topped the list of complaints, speed and predictability of payments were also significant concerns. Stablecoins have the potential to address these issues, with 10% of respondents currently using them and 38% actively evaluating their adoption within the next 12-24 months.

However, the survey found that businesses want stablecoins to behave as much like ordinary bank money as possible, with regulatory compliance, instant conversion, and local bank account withdrawals being the most important factors in building confidence. The survey highlights the need for tailored solutions in each market, with Singapore prioritizing transparency and implementation, Hong Kong seeking continuity and parity, the Philippines desiring usable local liquidity, Indonesia looking for measurable savings and trust, and Vietnam focusing on compliance and reliability.

Overall, the report emphasizes that stablecoins are not meant to replace traditional banks but rather serve as a complementary payment rail for situations where conventional routes are slow, expensive, or unavailable.