Protocol Theory and Mercuryo Release Landmark Study on the Future of Wallet Adoption

Melbourne, Australia – September 29, 2025 – Protocol Theory, the world’s leading consumer insight and strategy firm dedicated to Web3 and emerging technology, in partnership with global payments infrastructure company Mercuryo, today announced the public release of their new report: Beyond Early Adopters: What It Takes for Crypto to Matter in Everyday Life.

Based on a nationally representative survey of 3,428 U.S. adults and expert interviews, the report applies Everett Rogers’ Diffusion of Innovation framework and the Five Factors of Adoption to understand why self-custodial crypto wallets have yet to achieve mainstream use—and how that gap can be closed.

Key Findings

• Fewer than 1 in 8 U.S. adults currently use a crypto wallet. Adoption is concentrated among higher-income groups, while the very communities most underserved by traditional finance remain least likely to use wallets — and most likely to report negative experiences.
• Only 11% of wallet adoption decisions are explained by UX complexity, challenging the industry’s dominant assumption that design is the main barrier.
• The most influential drivers are Relative Advantage (44%) — whether wallets feel clearly better than alternatives like centralized exchanges or Apple Pay/Venmo — and Compatibility (24%), or how naturally wallets fit into people’s existing financial routines.
• Reliable, seamless on/off-ramps emerged as a near-universal expectation across all user groups, from newcomers to experienced crypto participants.

A Roadmap for Adoption

The report presents a five-point roadmap to move crypto wallets beyond early adopters and into everyday financial life:

1. Reframe Relative Advantage — Lead with outcomes such as faster transfers, lower costs, and greater control.

2. Improve Compatibility — Align with familiar financial habits and gradually introduce new responsibilities.

3. Increase Trialability — Emphasize low-risk, optional use cases rather than full financial replacement.

4. Reduce Complexity — Design for confidence beyond onboarding, with safe defaults and clear guidance.

5. Surface Observability — Make wallets visible in daily interactions where trust is built.

Jonathan Inglis, Founder & CEO of Protocol Theory, reflected on the findings: "The next stage of Web3 growth will come not from novelty, but from products that resonate with how people actually live. This research, commissioned by Mercuryo, offers a roadmap for making wallets more usable, trusted, and relevant. My hope is that these insights guide builders, policymakers, and industry leaders in bringing this technology into the mainstream."

Petr Kozyakov, Co-founder and CEO of Mercuryo, added: “At Mercuryo, we believe the future of payments must be simple, accessible, and human-centered. This research provides a clear blueprint for how the ecosystem can work together to unlock the potential of Web3 wallets.”

About the Report

Beyond Early Adopters: What It Takes for Crypto to Matter in Everyday Life was authored by Protocol Theory in partnership with Mercuryo. The full report is available here.

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