Crypto Payment Adoption Increases, Surpasses Solana User Base

New Reown survey indicates stablecoins hold greater market share than Solana, highlighting practical utility over speculation.

Stablecoins Outpace Solana Adoption

A new survey by Reown, conducted alongside YouGov and involving over 1,000 crypto users, reveals that stablecoin ownership has overtaken ownership of some cryptocurrencies. According to the findings:

• Stablecoins are owned by 38% of crypto users, outpacing Solana at 37%
• Bitcoin and Ethereum continue to dominate user ownership, with 48% of users each holding one or the other

Payments Ascend as Breakout Use Case

“Crypto payments and stablecoins have become the ‘real breakout use case’ for crypto,” noted Reown CEO Jess Houlgrave.

The survey underscores a shift from speculative interest to practical utility:

• Crypto payments rank second (10%) among on-chain activities enjoyed by users
• 14% of users identify payments as the most exciting future application
• Usage among WalletConnect users has increased annually, reaching 34%

Industry Validates Growing Importance

The increasing prominence of stablecoins is reinforced by:

• The recent U.S. passage of the GENIUS Act, establishing a clear regulatory framework
• The Circle stablecoin issuer’s successful IPO, signaling institutional backing
• Ongoing discussions by major retailers like Amazon and Walmart on issuing their own stablecoins
• TON Foundation’s assessment that regulatory frameworks are rapidly developing globally, potentially unlocking wider crypto payment access

“We are entering an exciting period of growth,” said TON Foundation’s Vice President of Payments.

Overcoming Adoption Barriers

Despite growing user interest, adoption faces significant hurdles:

• Complex user experiences keep 70% of users on centralized exchanges despite preferring crypto payments
• Fragmentation is severe: 54% manage multiple wallets due to network support needs
• The disconnect between utility potential and current user experience (Pay with crypto is still too hard, Houlgrave) is hindering mass adoption

Crypto’s Turning Point Requires UX Solutions

“The industry is at a turning point where we’re suddenly within reach of onchain UX that competes with Web2,” stated Houlgrave.

Reown is actively addressing usability challenges. According to the company:

• Their AppKit solution provides “a full stack toolkit for building onchain app UX”
• Its capabilities include handling “onramps, stablecoin transfers, and multi-chain transactions” while using features like “social logins and fiat-to-crypto flows” to reduce friction
• By building AppKit-ready solutions, enterprises can “integrate onchain payments without legal uncertainty”

Conclusion: The data suggests established use cases like stablecoin payments are propelling crypto adoption forward.