Stablecoins are receiving growing attention from banks, payment companies and policymakers, but adoption among ordinary US businesses remains limited.
Research from the Federal Reserve Bank of Cleveland found that only one of 148 surveyed firms was already using stablecoins. Seven others planned to use them in the future, while the remaining respondents had no plans, were unfamiliar with stablecoins or were uncertain about their companies’ intentions.
The results indicate that regulatory progress and technical capability alone may not be enough to move businesses away from established payment methods.
Key Takeaways
- Only one of the 148 surveyed firms was using stablecoins.
- Seven firms planned to adopt them, although several were unsure when.
- Businesses cited limited demand, insufficient information and satisfaction with existing payment methods.
- The geographically concentrated survey should not be treated as representative of every US business.
- Stablecoin providers may need to demonstrate practical benefits before adoption expands.
What the Survey Found
The Cleveland Fed’s research was based on responses collected from September 18 to 25, 2025. Participants operated in the Federal Reserve’s Fourth District, covering Ohio, western Pennsylvania, eastern Kentucky and part of West Virginia.
Among the seven businesses planning to use stablecoins, one expected to begin within six months, two within a year and one within two years. The remaining three did not know when adoption would happen.
The eight current or prospective users showed interest in accepting customer payments, paying suppliers and managing treasury funds. However, this group represented a small fraction of the overall sample.
Why Businesses Are Hesitating
When asked what might influence their interest, respondents frequently identified customer demand, additional time to observe adoption and clearer evidence of cost or efficiency advantages.
Several businesses said their existing payment options already met their needs. Others raised concerns about regulation, operational complexity and the amount of education their staff would require.
These responses suggest that knowing what stablecoins are and how they work is only the beginning. A business must also understand accounting treatment, custody arrangements, redemption processes and how a stablecoin payment will connect with its existing financial systems.
A lack of requests from customers and suppliers creates another obstacle. Even an efficient payment method has limited value if a company’s counterparties are not prepared to use it.
Infrastructure Does Not Guarantee Adoption
Stablecoins can support transfers outside traditional banking hours and may offer advantages for certain cross-border transactions. However, those benefits vary depending on the provider, blockchain, conversion process and destination.
Businesses must compare the complete transaction rather than focusing only on the blockchain transfer. A payment could still involve wallet fees, currency conversion, compliance checks and movement between digital assets and bank accounts.
Understanding how cryptocurrency payments work can help companies identify these additional steps. Businesses accepting customer payments must also assess the role of payment gateways in cryptocurrency transactions, including how they handle conversion, settlement and transaction monitoring.
The Findings Have Important Limits
The Cleveland Fed cautioned that its sample was small and geographically concentrated. The results should not be interpreted as proof that US businesses everywhere reject stablecoins.
The survey also measured sentiment at a specific point in September 2025. Adoption may change as regulations become clearer, more financial institutions provide stablecoin services and businesses gain direct experience with the technology.
Nevertheless, Payments Dive’s coverage shows why the findings matter: enthusiasm within the digital-asset industry does not automatically translate into demand from mainstream companies.
Conclusion
The Cleveland Fed survey reveals a significant gap between stablecoin development and everyday business adoption.
For stablecoins to become a common payment method, providers will need to offer more than faster technology. Businesses will require clear economic benefits, dependable regulation, straightforward integration and sufficient demand from the customers and suppliers with whom they transact.
Until those conditions develop more broadly, stablecoins may remain most useful in specialised payment and treasury situations rather than as a universal replacement for existing business-payment methods.
