Federal Reserve researcher: Stablecoins have the potential to become a new payment method, but multiple obstacles still need to be overcome

According to DL News, Chris Colson, a payment researcher at the Atlanta Fed, stated that stablecoins are gradually becoming a new payment method, despite facing multiple challenges. He pointed out that some retailers have started accepting stablecoin payments, and the size of the stablecoin market has exceeded 230 billion US dollars, close to the annual GDP of Greece or New Zealand. Colson believes that in order for stablecoins to achieve widespread adoption, they need to win recognition from banks, credit card institutions, and regulatory agencies. In addition, due to the fact that stablecoin transactions are based on blockchain, it is difficult to revoke transactions like traditional bank payments, which is also a problem that needs to be addressed in the promotion process. He added that similar to Apple Pay, which has undergone a promotion period of up to 10 years, stablecoins may need time to gain wider user acceptance.