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FT PARTNERSRESEARCHStablecoinPaymentsCrypto Finds its Killer App? Executive SummaryMarket Update & OverviewExecutive InterviewsSelected Company ProfilesAbout FT PartnersFounder, CEO, Managing Partnersteve.mclaughlin@ftpartners.comCONTACT:STEVE MCLAUGHLINSUBSCRIBETable of Contents 46194468 Table of Contents (cont.)Company ProfilesExecutive InterviewsBam Azizi Executive SummaryStablecoins have received significant attention in recent months, particularly since Stripe’s $1.1 billion acquisition of stablecoin player Bridge, alongwith several noteworthy product launches signaling new entrants into the stablecoin ecosystem. Clearly, momentum is buildinginthe stablecoinmarket. Crypto skeptics have historically pointed to the lack of a “killer use case” as the primary basis for their skepticism.However, with stablecoinadoption growing in cross-border payments, from peer-to-peer remittances to B2B payments, as well as treasury management, it appears that thekiller use case has finally arrived.We see the infrastructure of the stablecoin market evolving similarly to credit card and stock trading infrastructure. At face value, these ecosystemsmay appear simple, with large networks and exchanges dominating; however, the way that different players access these marketscan vary widely,and there are many layers of service providers catering to different use cases for consumers, businesses, and investors. In thecredit card world,merchant acquirers enable businesses to accept credit cards, card issuance processors enable banks to issue cards, and therearenumerouspayment specialists catering to different use cases. The same exists with stock trading, as numerous broker dealers cater todifferent investors, asdo prime brokers, integrated investment banks, and many other players.The stablecoin world is similarly more complex than it seems at face value, as stablecoins can be accessed on multiple blockchains and there aremultiple use cases for both consumers and businesses, not to mention the complexities in adding stablecoins as options in existing payment flowsand the potential need for liquidity and conversion to fiat. Subsequently, we see a number of different players in the stablecoin ecosystem ultimatelybecoming successful, since there is room for a diverse set of infrastructure providers catering to many use cases.This report provides an update on the current state of the stablecoin market, a discussion of the use cases of stablecoins forconsumer and B2B payments, and an overview of leading companies enabling and leveraging stablecoin payments globally.(1)Source: VisaOnchainAnalytics. Volume adjusted to exclude volumes from trading, bots, etc. LTM as of April 2025$6.6 TnLast Twelve MonthsStablecoin TransactionVolume(1)Increase in LTM stablecoin FT PARTNERSRESEARCHFT PARTNERSRESEARCH1.4 BnTotal StablecoinTransactions, Last TwelveMonths(1)$240+ BnTotal StablecoinMarket Cap>60%volumesyear-on-year(1) Sources: Company websites, company press releases1)CoinMarketCap2)VisaOnchainAnalytics. Volume adjusted to exclude volumes from trading, bots, etc.Stablecoin PaymentsCurrent State of the Market•Stripe’s acquisition of Bridge turned heads, but momentum has been buildingin the stablecoin and crypto payments space for some time, with a number ofrecent developments and tailwinds driving massive growth in stablecoinmarket caps.•With payments being hailed as crypto’s “killer app” by many, stablecoins havebecome much more prominent in the broader ecosystem, with a number oflarge companies and governments reportedly exploring launching their own,along with a number of promising regulatory developments.–In the US, bipartisan stablecoin legislation was introduced to the SenateBanking Committee, which has led to increased optimism that theregulatory uncertainty in the space will be resolved in the near term.–The European Union recently approved ten companies to issuestablecoins pursuant to its Markets in Crypto Assets (MiCA) regulation,which had previously led to the de-listing of many prominent stablecoinson crypto platforms in the EU. Approved issuers include Banking Circle,Crypto.com, Circle, and Fiat Republic, among others.•Driven by the increased attention and adoption, total stablecoin market capsurpassed $200 billion in December 2024, and reached a record high of over$230 billion in February 2025.(1)•According to VisaOnchainAnalytics, total stablecoin transaction volume in2024 was over $5 trillion. For perspective, Visa’s total payments volume in2024 stood at $16 trillion, demonstrating the growing prominence ofstablecoins as a global payment method.(2)Market Update FT PARTNERSRESEARCHSelected DataMonthly Stablecoin Transaction Volume ($ Bn)Monthly Stablecoin Transaction Count (mm) Sources: Company websites, company press releases1)Fortune: Meta in talks to deploy stablecoins three years after giving up on landmark crypto project2)PYMNTS: Circle to Launch Stablecoin-Powered Cross-Border Payments Network in May3)The Block:MoonPa