Study Shows Overwhelming Majority of Freelancers Favor Payment in Crypto and Stablecoins

The majority of freelancers worldwide prefer to receive their income in cryptocurrency and stablecoins, according to a recent study.
Conducted by Zero Hash in partnership with Lightspark, the survey involved 2,500 freelancers and contractors from various countries including the US, Brazil, Argentina, Mexico, and the UAE. The findings highlighted the widespread dissatisfaction among freelancers with traditional payment methods.
Many freelancers, around two-thirds of them, expressed difficulties with foreign exchange issues, making it challenging for them to accept jobs from clients in different countries due to currency and exchange rate disparities.
The study revealed that most freelancers believe that receiving payment in cryptocurrency would alleviate these challenges and enable them to work with clients globally.
A significant number of freelancers worldwide prefer stablecoin payouts over their local currencies, with a strong preference seen in countries like Argentina and the UAE where over 80% of freelancers favor them.
Furthermore, freelancers are interested in using cryptocurrency or stablecoins for subscription payments, with 81% expressing their preference or desire to pay for services like Netflix, Spotify, and ExpressVPN using crypto. This interest is particularly high in countries such as the UAE, Argentina, Mexico, and Brazil.
The demand for cryptocurrency payments among freelancers is driven by convenience and security factors. Many view cryptocurrency as a solution to currency exchange issues and believe it offers a secure way to receive payments.
Freelancers are seeking real-time income solutions, as slow payments and high fees associated with traditional methods are posing challenges. The study found that nearly half of freelancers experience delays in receiving payments, with a significant portion desiring real-time payments.
This delay in payments impacts freelancers’ cash flow, financial stability, and ability to reinvest in their businesses, hindering their overall livelihood. As a result, cryptocurrencies are increasingly seen as a viable alternative due to their potential for faster transactions.
The study also highlighted a growing trend of overseas companies offering cryptocurrency, particularly USDC, as a payment option for their employees. This suggests that cryptocurrencies are gaining traction in the global workforce, even though US companies appear more cautious in adopting these initiatives.
Overall, the study indicates a shift towards cryptocurrencies as a preferred mode of payment among freelancers and businesses worldwide.