According to a recent survey conducted by EY-Parthenon, the adoption of stablecoins is gaining traction among corporations and financial institutions, particularly in the realm of cross-border transactions. Currently, approximately 13% of global financial entities and businesses utilize stablecoins, with over 50% of non-adopters planning to integrate them within the next 6 to 12 months.
The report projects a significant shift in the landscape of international payments, estimating that by 2030, stablecoins could account for 5% to 10% of all cross-border transactions, translating to a staggering $2.1 trillion to $4.2 trillion.
Stablecoins are increasingly recognized as a solution to enhance global payment systems, driven by the demand for quicker settlements, reduced transaction costs, and better liquidity. Among financial institutions already employing stablecoins, approximately 41% reported achieving cost savings of at least 10%.
The report emphasizes that stablecoins, underpinned by blockchain technology and backed by tangible assets such as cash and U.S. Treasuries, are being viewed as pivotal tools for advancement and innovation within international financial markets. Notably, 80% of firms not currently utilizing stablecoins are investigating their potential, with 60% anticipating a surge in interest over the coming year. This interest coincides with many banks and financial entities gearing up to offer stablecoin services, utilizing a combination of proprietary systems and collaborations with external partners.
Despite this positive trend towards adoption, the transition to stablecoins faces hurdles, particularly regarding infrastructure and integration. Only 8% of corporations have begun to accept stablecoins, although there is the potential for expansion if more service vendors get involved. Furthermore, focusing on connecting stablecoin infrastructure with existing treasury management systems and enterprise resource planning (ERP) platforms is critical.
The report highlights that integration with established financial systems is crucial, revealing that 56% of corporates prefer embedded APIs within their current treasury platforms, and 70% would be more inclined to adopt stablecoins if ERP integrations were readily available.
The insights come on the heels of the recent passage of the GENIUS Act, aimed at establishing a regulatory framework for stablecoins. Experts regard this legislative development as a decisive moment for the evolution of digital payment infrastructures and transaction processing, potentially accelerating the growth of stablecoins.
Furthermore, the stablecoin sector has shown considerable growth, with the total market capitalization reaching nearly $291 billion, reflecting a 69% increase from the previous year, based on data from DeFiLlama.
As more players in the financial industry recognize the benefits and possibilities that stablecoins offer, their role in transforming global payments appears poised for substantial development in the years to come.
