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Ripple report shows: 76% of financial institutions expect to use cryptocurrencies by 2025

 


A new report by Ripple has examined what percentage of financial institutions are interested in using blockchain for payments. It found that more than three quarters of them plan to use cryptocurrencies by 2025.


On August 11th, a global study by Ripple was released showing that 76% of the world’s financial institutions will use cryptocurrencies in the next three years, if legislations allow it.


Meanwhile, slightly fewer companies, at 71%, believe they will adopt cryptocurrencies in the next three years, a departure from the general trend of being more open to digital assets.


The widespread use of cryptocurrencies for payments is one of the most important factors that companies and financial institutions must consider when deciding whether or not to add cryptocurrencies to their investment portfolio.


Cryptocurrency's usefulness as a form of hedging comes second, while its associated use as a bridge currency comes in third.


When it came to finding out why they would hold cryptocurrencies, 50% of respondents cited use as a hedge against inflation, a currency for payments, or an asset to lend or as collateral for borrowing as one of the top three reasons.


The great interest is not only in the blockchain in general but also, with some differences, in each of the primary tokens. In addition to cryptocurrencies, this also includes digital central bank currencies such as CBDCs and stablecoins. About 70% of the financial institutions surveyed indicated that they are interested in using these tokens for various use cases.


Both corporate and financial institutions make payments prior to a variety of portfolio uses such as hedging against economic downturns or hedging against foreign currency risk. In all cases, payments have priority over hedging.


When asked what they think are the main benefits of adopting blockchain and cryptocurrencies for payments, financial institutions cited data security and quality. Expansion prospects into additional markets and real-time billing were also an issue.

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