Why Haven’t Stablecoins Taken Over Payroll Globally?
Stablecoins are incredibly efficient for salaries. they settle instantly and with minimal fees, unlike traditional bank transfers that can take days and incur high costs.
So, why aren’t they widely used? The answer lies in several challenges.
- Trust issues due to past collapses like Terra-Luna
- Lack of clear tax guidelines
- Hesitation among accountants
In 2024, even though 9.6% of crypto workers received digital salaries, adoption elsewhere remains slow.
Public distrust stems from media coverage of cryptocurrency failures and security breaches. Families aren’t keen on risking their livelihoods on unfamiliar digital assets.
Accountants play a crucial role in payroll decisions. Many are still grappling with tax rules around stablecoin compensation. Ambiguous regulations mean employers risk financial penalties if they don’t comply.
Laws such as the U.S. GENIUS Act clarify tax obligations, boosting adoption within local markets. Regulatory clarity can pave the way for widespread adoption globally.
To thrive, stablecoins need acceptance as real money by consumers. they shouldn’t be seen merely as a cryptocurrency gimmick. When regulations ease, accountants get comfortable, and people begin trusting stablecoins, this industry might finally reach mainstream status.
Ripple CEO Brad Garlinghouse predicts the stablecoin market could soar to $2 trillion. If even a small portion channels into payroll, it’s set to revolutionize how we’re compensated worldwide.
