Stablecoin payments worldwide as perceived by central banks in 2022, by region
Central banks from advanced economies more often reported use of stablecoins in wholesale transactions or remittances than those from emerging economies. This is according to a survey held at the end of that year, which asked central banks on what developments they noticed within their jurisdictions regarding CBDC or cryptocurrency. A new question in 2022 covered the use of stablecoins and cryptocurrency in day-to-day payments, excluding potential investments or use within Decentralized Finance (DeFi) such as NFTs. Interestingly, AE central banks reported more use of stablecoins in both cross-border wholesale and cross-border remittances than EMDE central banks. The source does not elaborate why this is the case, even though digital assets payments are typically associated with emerging countries to bring about financial inclusion. The results of this survey contradict that.