"Stablecoins, real-world use reviews spread…domestic card companies should respond"

An analysis has emerged that domestic consumers' perceptions of stablecoins (virtual assets pegged to fiat currencies) are changing.

On the 29th, the industry reported that Shinhan Card's Big Data Research Institute said in its released "Customer Perception on Stablecoins" report that mentions of stablecoins in the first half of this year increased by 359% and searches increased by 403% compared to the second half of last year. In particular, reviews of in-person payments surged between May and July, spreading interest.

This is the result of Shinhan Card's Big Data Research Institute conducting an exhaustive survey of the keyword "stablecoin" on X (formerly Twitter), internet communities, social media (SNS), portal sites, and others from last year through July this year.

Among citizens, interest in in-person payments using stablecoins was high. In particular, "international remittances" based on fast payment speed and low fees were cited as the biggest advantages of stablecoins.

There were also many in-person payment reviews. Between May and July, usage reviews of stablecoin cards currently usable domestically—Hong Kong's LiDotPay and the United Arab Emirates (UAE)'s Bybit Card—gained popularity. Both services use Tether (USDT), Circle (USDC), etc., in a prepaid charging method.

Mainly male users in their 20s and 30s showed interest in stablecoins. The gender share of stablecoin searches was 74% male and only 26% female. By age, those in their 20s to 40s accounted for 66%, and those 50 and older accounted for 34%.

Domestic card companies are also expected to respond. For example, Shinhan Card formed a "KRW stablecoin working group" internally and has begun researching ways to improve customer convenience across payment and settlement processes.

A Shinhan Card Big Data Research Institute official said, "Since the new government took office, policy discussions on stablecoins have intensified and public interest has expanded," and added, "It is necessary to strengthen remittance and payment convenience in line with the legalization of KRW stablecoin introduction."