Study of the crypto community opinion and level of trust
in stablecoins
The crypto community is not ready to leave behind the use of stablecoins even if pairs are traded against fiat currencies, although only 10% of respondents have full confidence in stablecoins.
EN
Stablecoins
Stablecoins are cryptocurrencies that have a stable price that is not subject to volatility (volatility - the range of the asset's price change in a certain period of time), unlike traditional cryptocurrencies. The price of stablecoins is tied to stable assets, for example, fiat currencies (dollar, euro) or physical assets (oil, gold).

Significant volatility is one of the main reasons why a lot of organizations and people stay clear from the cryptocurrency industry. Stablecoins were developed specifically to solve this issue. Today stablecoins are most often used by crypto traders to solve the problem of volatility, they can also serve as a mean of saving or as a measure of value. It is important to understand that stablecoins represent a segment of the cryptocurrency industry, the potential market of which is estimated at several trillion dollars.
Highly relevant
The study is highly relevant nowadays because stablecoins are an innovative and rapidly developing segment of the digital assets ecosystem. However, some highly capitalized stablecoins are often at the centre of scandals due to allegations of financial fraud. Besides, many regulators believe that if stablecoins are widely accepted as a payment method and a way to preserve value, disruptions of the financial system can negatively affect the economy as a whole. Existing and future digital assets and the risks they carry should be assessed.


The research goal
Although stablecoins are present on accounts of and are used by many crypto users, the information about them is scattered. The study aimed to identify and measure the crypto community degree of awareness and opinion on stablecoins. The subjective opinions of users allows you to identify moods and trends in the market, make assumptions regarding the further development of stablecoins.
Survey data
The survey included closed questions and was created as an online form. The survey link was distributed through the email newsletter and other external channels available to everyone from anywhere in the world. 521 respondents from 38 countries took part in the survey. Most users were from Russia, the USA, India, Indonesia, Nigeria and Italy.
Research result
It was found out that the crypto community sees the real need for using stablecoins. Even the seamless use of fiat currencies instead of stablecoins is not a full-fledged alternative. This was stated by every second participant in the study. The study also showed a certain percentage of crypto users who are not worried about backing stablecoins with real assets - some even didn't think about this aspect ever.

The number of respondents expressing confidence in stablecoins is slightly higher. But only one out of ten respondents fully trust in them.
If you had the opportunity to have a fiat deposit on the cryptocurrency exchange and trade freely fiat currencies for any cryptocurrencies, would you continue to use stablecoins?
What is your level of trust in stable coins?
Thus, trust is rather forced, because there is no alternative at the moment. This is also supported by the fact that every second participant in the study does not believe in the full backing of stablecoins with the highest capitalization by real assets and is concerned about it.
Do you believe that the existing centralized stablecoins with the highest capitalization are fully secured by some assets?
How concerned are you about the fact that some existing stable coins are NOT backed by real assets or only partially backed?
It becomes clear that almost a half (45.9%) of the respondents consider that private control over centralized stablecoins emission a serious drawback. The remaining part considers control to be insignificant or does not think about it at all. A logical consequence of the high level of concern of the current state of the stablecoin industry is that the vast majority of respondents (70.3%) would like information on stablecoin backed by assets to be completely public.
Do you consider it to be a disadvantage that the emission of centralized stablecoins is controlled by private individuals?
In your opinion, should the information
on assets that back stable coins be public?
The opinion of the crypto community divided approximately equally on the initiative to issue national stablecoins. Every second participant in the study supports the issue of stablecoins by states or large international companies.
How do you feel about the government initiatives to launch their own national stable coins?
What is your opinion on international companies initiatives to issue their stable coins?
Conclusion
A study conducted by the KickAcademy team showed that the crypto community feels the need to use stablecoins and sees their use as an advantageous over the use of fiat funds. To a certain extent, the community is forced to put up with the current state of affairs and urges for more publicity of stablecoin-backing assets in order to increase the level of trust in their issuers.


It was revealed that some of the cryptocurrency holders oppose the issuance of centralized stablecoins by private individuals, while every second participant supports their release by states or large companies. Curiously, the crypto community remains adamant on questions, related to the disclosure, publicity and transparency of information. At the same time, there is a concern about the reliability and security of storage methods of assets that back stablecoins.


According to the study, it became clear that the number of respondents expressing confidence in stablecoins is slightly higher, but only every tenth respondent declares full confidence. Trust is rather forced, because there is no alternative at the moment. This is also supported by the fact that every second participant in the study does not believe in the full backing of stablecoins with the highest capitalization by real assets and is concerned about it. There was no obvious interest in governments' initiatives to issue national stablecoins since opinions were divided approximately equally.It was curious to know that there is also that part of crypto users who considers control over stablecoins insignificant issue or does not think about it at all.
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