Nearly half of consumers across the Asia-Pacific region could be using stablecoins — cryptocurrencies pegged to the value of government-issued money — by 2031, according to a new study from giant Visa (V) that highlights rapid growth potential in the region's digital-asset payments market.

The Visa study, based on a survey of 14,250 people, found that 46% of respondents are likely to use stablecoins within the next five years, up from the 16% who reported using them over the past 12 months. About 49% of those surveyed believe stablecoins could become a common way to move money across borders within the next five years.

Visa said the results indicate that nearly half of APAC's roughly 2.5 billion consumers — about 1.2 billion people — are open to using fiat-pegged cryptocurrencies within the next five years. Respondents expressed growing interest in using stablecoins for everyday purchases, travel and cross-border transfers, creating what the company described as a significant opportunity for payment providers.

"We're seeing a meaningful shift in how consumers across Asia Pacific think about stablecoins," said Nischint Sanghavi, head of digital currencies at Visa's APAC division.

Interest outpaces understanding

Despite the strong adoption signals, the study revealed a wide gap between consumer interest and comprehension. Only 6% of respondents demonstrated an accurate understanding of how stablecoins work, Visa said. About half of the 14,250 people surveyed believed stablecoins could only be used to buy or sell other cryptocurrencies — a misconception held by 49% of those aware of the tokens.

Concerns about fraud and scams were the most commonly cited obstacle among respondents who were aware of stablecoins but had not yet used them.

Sanghavi said consumers' limited knowledge of the technology has not dampened their willingness to adopt it.

"Consumers are beginning to see how stablecoins could support the ways they already spend and move money," Sanghavi said. "The opportunity now is to turn that interest into trusted and familiar payment experiences that work at scale."

He added that the research confirms what Visa has been building toward in the region.

A contested payments market

Stablecoin providers, banks and card networks are competing for a payments opportunity in a region home to about 2.5 billion middle-class consumers, according to the Asia Business Council. Asia already leads global stablecoin flows and on-chain activity — transactions recorded directly on blockchain networks — and payment companies are working to turn that demand into everyday products, according to CoinDesk Research.

Visa itself has expanded its stablecoin settlement network, which uses blockchain tokens to settle payment obligations, and is seeking to support a wider range of tokens and blockchains. Its partner Reap is also preparing local-currency stablecoins for 24/7 foreign-exchange settlement in Asia and other markets, including potential Hong Kong dollar, won and yen tokens.