Innovation in Stablecoins: Key Players, Regulations and Strategic Outlook

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Published: July 25, 2025 Report Code: GDFS0566IA-ST

Report Overview
Key Players
Table of Contents

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.

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

1. Executive Summary

2. 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

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