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Innovation in Stablecoins 2025

Publisher GlobalData
Published Jul 25, 2025
Length 50 Pages
SKU # GBDT20306480

Description

Innovation in Stablecoins 2025

Summary

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.

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

50 Pages
  • Executive Summary
    • A new type of on-chain US dollar is emerging rapidly
    • Stablecoins are a type of cryptocurrency, with four different backing types
    • Stablecoins aim to maintain a stable value relative to other assets
    • Tether (USDT) lifecycle example
    • How stablecoins fulfil the three original functions of money
    • More value was exchanged via P2P stablecoin wallets than cash or cheques in 2024
    • Notable crypto demand growth in the West in 2025
    • Domestic payment rails still outperform existing stablecoin infrastructures in 2025
    • Stablecoin sandwich for B2B cross-border flows
    • Circle Payments Network
    • Programmability and smart contracts
    • Example: Circle Contracts
    • Programmability and smart contracts example
    • Stablecoin-as-a-service: Paxos
    • Stablecoin-as-a-service: Merge money
    • RWA-backed stablecoins via tokenization
    • Example: BlackRock’s sBUIDL token
    • Stablecoin players market map
    • Mastercard and Visa
    • JP Morgan’s Kinexys (formerly Onyx)
    • Worldpay integration with BVNK embedded wallet
    • Payment companies start offering stablecoin accounts while banks look to enter
    • Barriers and risks
    • Stablecoin regulation in the West
    • Leading stablecoin regulatory frameworks elsewhere
    • Stablecoin gold rush set to grow funding tenfold year-on-year
    • Stablecoin opportunities globally
    • Beyond the profitable issuers, many profit opportunities lie outside of issuing
    • Emerging opportunities in digital money and assets
    • Stablecoin use cases under development
    • Recommendations for banks
    • Stablecoin partnership spectrum for banks
    • Recommendations for payments providers
    • Recommendations for other stakeholders

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