跨境支付中的稳定币状况：2025年行业入门报告

STABLECOINSThe 2025 industry primerTHE STATE OFINCROSS-BORDERPAYMENTS LUCY INGHAMAuthorContributorsDANIEL WEBBERCALLUM TYNDALLARINOLA LAWAL FEATURING SUBSTANTIAL FXC INTELLIGENCE DATA COVERAGE ANDADDITIONAL INSIGHTS FROM INDUSTRY LEADERS: 17 JULY 2025FXCINTEL.COM FXC Intelligence is the global industry standard for cross-borderpayments data and intelligence KEY DATA $16.5TN $23.7TN The base total addressable market forcross-border payments using stablecoins,based on current market conditions (FXCIntelligence market sizing data, based onnon-G20 market size) The upside total addressable market forcross-border payments using stablecoins,based on current market conditions (FXCIntelligence market sizing data, based onnon-G10 market size) >80% <1% The current share that stablecoins have ofthe global cross-border payments market(including wholesale, totalled $194.8tn in2024 – FXC Intelligence data) The share of the entire stablecoin marketheld by the two leading stablecoins,USDT and USDC 11 YEARS +186% The rate of increase in press releasesissued that discuss stablecoin payments,versus those released a year ago The time that has passed since the firststablecoin was launched LATIN AMERICA & THE CARIBBEAN TO NORTH AMERICAAND SUB-SAHARAN AFRICA TO EUROPE & CENTRAL ASIA Two of the regional corridors with the highest stablecoin opportunity for consumer cross-border payments, based on analysis of FXC Intelligence data tracking the costs and speed ofcross-border payments covering all 49 regional corridor combinations globally INTRODUCTION FOR THE CROSS-BORDER PAYMENTS INDUSTRY, IT’SCLEAR THAT 2025 IS THE YEAR OF STABLECOINS. New announcements about projects using the technology are being made on an almost daily basis,while landmark regulation is bringing stablecoins deeper into the traditional ends of the market. “We are entering a period of escape velocity in terms of everyone recognising this is a new andupgraded payments technology,” explains Chris Harmse, Co-Founder and Chief Business Officer ofBVNK, a provider of enterprise-grade stablecoin infrastructure. “There's real businesses and real usecases happening. It's not some sort of crypto fad and the adoption is real.” But as with any technology attracting such enthusiasm, there are also claims made about stablecoinsand their applications in payments that struggle to hold up to scrutiny. “Sometimes when you scroll through LinkedIn or attend conferences, it feels like stablecoins are beinghyped as the solution to everything – like they're about to solve world hunger or cure cancer. It's a bitmuch,” says Eric Barbier, CEO and Founder, Triple-A, a B2B digital currencies payments solutionprovider. The market is fast-moving, with many players seeing rapid development of both their businesses andthe mix of companies that are engaging with them. It’s clear that there are benefits to be had, but withat times significant technical complexity surrounding stablecoins, understanding where they lie can bea challenge. This report is written in response to that challenge. Drawing from FXC Intelligence’s cross-borderpayments data and expertise, extensive research and the insights of 14 experts from leadingcompanies across the industry, it provides a detailed primer on the state of the industry and where theopportunities lie – including the current total addressable market for cross-border payments usingstablecoins. Given the at times complex nature of the topic, we’ve also included a stablecoins 101 glossary of terms,which you can access at the end of the report. And if you want to know more about how FXCIntelligence is supporting companies entering or working in the stablecoin cross-border paymentsspace, you can find out more on ourstablecoin data product page. CONTENTS THE CHANGINGSTABLECOINLANDSCAPE1.STABLECOINPAYMENTNETWORKS8.THE CROSS-BORDER CASE FORSTABLECOINS2.OVERCOMINGCHALLENGES9.THE STABLECOINOPPORTUNITY INDATA3.REGULATION: THEGENIUS ACT ANDBEYOND10.KEY STABLECOINS:USDC, USDT ANDBEYOND4.A COUNTER TODEDOLLARISATION?11.KEY STABLECOINPLAYERS5.A CHALLENGE TOTHE MONETARYSYSTEM?12.KEY OPPORTUNITIESAND USE CASES6.THE FUTURE OFSTABLECOIN CROSS-BORDER PAYMENTS13.HOW DOSTABLECOINSCOMPETE ON PRICE?7.STABLECOINS 101:GLOSSARY OFTERMS14.FXC INTELLIGENCE’SDATA SOLUTIONS15.514213242456166737783889398103 THE CHANGINGSTABLECOIN LANDSCAPE Asa technology,stablecoins are relativelyyoung,but have seen a recent surge intransformation,both in terms of how theindustryperceives them and the types ofcompanies that are exploring their use. “It's changed more rapidly over the last twoyears to 18 months. There was this wave ofstablecoin adopters, all the typical higher risksectors, but sectors that had arms and legs inemergingmarkets,”says Chris Mason,Co-Founder and CEO of Orbital, a stablecoin-ledB2B payments platform. “Now we're starting to see more and morePSPs [payment service providers] and banks –they're recognising the next wave.” The roots of the industryare i