This report provides an overview and analysis of the current state of stablecoins. It examines the size of the crypto and stablecoin markets on a global and country level and highlights some of the key players already active in this space. In addition, it examines some key innovations and challenges for wider stablecoin implementation. The report also explores future opportunities for banking and payments providers and discusses the key factors that will influence the stablecoin space going forward.
Stablecoins’ momentum of moving from just a store of value to a medium of exchange will accelerate in 2025 as use cases diversify. Incumbent providers increasingly look at ways to implement stablecoins as specialized players emerge at different parts of the value chain, ensuring interoperability between blockchains, TradFi - DeFi, as well as different jurisdictions, which is a key strategic priority for achieving mainstream stablecoin use. A key barrier to stablecoins to date is the lack of integration and conversion capabilities, which if not tackled also bears the risk of creating a closed-loop system that further fragments the value chain instead of improving on its interoperability.
Stablecoins’ momentum of moving from just a store of value to a medium of exchange will accelerate in 2025 as use cases diversify. Incumbent providers increasingly look at ways to implement stablecoins as specialized players emerge at different parts of the value chain, ensuring interoperability between blockchains, TradFi - DeFi, as well as different jurisdictions, which is a key strategic priority for achieving mainstream stablecoin use. A key barrier to stablecoins to date is the lack of integration and conversion capabilities, which if not tackled also bears the risk of creating a closed-loop system that further fragments the value chain instead of improving on its interoperability.
Scope
- The total value of P2P stablecoin wallet transactions globally has overtaken both cash and cheques transactions, with $8.5 trillion in stablecoins sent in 2024, but traditional rails outpace stablecoin payment volumes by an overwhelming margin.
- The US and the UK had the two largest year-on-year increases in crypto holding, in both relative and absolute terms, alongside other Western markets. Crypto holders in Singapore, the US, and China use these the most for making payments.
Reasons to Buy
- Understand the key concept of stablecoins and their utility in financial services.
- Gain a comprehensive overview of the current rate of crypto uptake and stablecoin developments globally and understand the reasons behind these trends.
- Identify any potential impact that a wider stablecoin adoption could have on your business.
Table of Contents
1. Executive Summary2. Introduction
3. Stablecoins in the Payments Value Chain
4. Key Innovations
5. Key Players
6. Barriers, Risk, Regulation
7. Strategic Outlook
8. Recommendations
9. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Circle
- Tether
- iFinex
- Visa
- Mastercard
- Swift
- Chainlink
- Paxos
- Merge
- Ondo Finance
- Franklin Templeton
- Mountain Protocol
- Matrixdock
- BlackRock
- Avalanche Network
- Euler Finance
- Securitize
- Fiserv
- PayPal
- Moonpay
- MetaMask
- Kraken
- Gemini
- Bybit
- Crypto.com
- Binance
- Bleap
- OKX
- Wirex
- Bit2Me
- Lirium
- Notabene
- Coins.ph
- Mercado Bitcoin
- JPMorgan
- Standard Chartered
- Baanx
- Rain
- Kinexys
- Worldpay
- BVNK
- Stripe
- Societe Generale
- Bancolombia
- Deutsche Bank
- Citibank
- MUFG
- SMBC
- Mizuho
- ANZ
- Animoca Brands
- HKT
- Coinbase
- Celsius
- FTX
- Binance
- Bitso
- MoneyGram
- Modern Treasury
- Altitude
- Wise
- Airwallex
- Wise
- Revolut
- Zelle
- Venmo
- Pix
- Faster Payments
- Squads Grid
- Vault
- Brale
- M^0
- Stablecore
- BNY Mellon
- Sygnum Bank
- Shopify
- Amazon
- Walmart
