Key Takeaways:
Stablecoins have already surpassed Visa in volume and are gaining traction with major retailers like Amazon and Walmart.
With regulations like MiCA and the upcoming GENIUS Act, stablecoins are entering a new phase of institutional adoption and legitimacy in both the U.S. and the EU.
Experts believe stablecoins won’t replace banks or card networks entirely, but rather integrate smoothly, offering faster, cheaper, and more accessible payment options.
Stablecoins are one of the fastest-growing crypto segments. Some analysts say they are already a rare success story that fits both traditional and decentralized finance.
But could stablecoins really replace giants like Visa and Mastercard? That question became urgent on June 19, when both companies’ shares dropped following reports that Amazon, Walmart, and other major U.S. corporations were exploring stablecoin-based payment systems.
Should Visa and Mastercard be worried? In 2024, stablecoins briefly surpassed Visa in transaction volume. It was a narrow lead, but a symbolic one.
Source: Blockworks
Frank Combay, COO of Next Generation, told Cryptonews that one of the main advantages of stablecoins is their accessibility across different user types:
Ecosystem-issued stablecoins stand a strong chance of competing if providers can make them appealing enough to drive adoption. A key principle is multi-platform accessibility, ensuring availability through various launch partners including global crypto exchanges.
He added that the market is becoming more attractive not just for users but also for corporations looking to adopt stablecoin ecosystems. One of the biggest catalysts was regulatory clarity:
We are in the midst of a rapid transition. While all transformations take time, the progress has been remarkable. The only major obstacle was regulatory uncertainty. But that changed last year with MiCA’s introduction, which gave the green light for accelerated growth.
Combay also said full-fledged stablecoin payment solutions can cut transaction costs and fees by up to 90 to 92%, or even more.
Why Does Trump Want a Stablecoin Bill?
According to Delphi Digital, more than $120 billion in U.S. Treasury bonds are now backing stablecoins. Institutional adoption is growing. Tether (USDT) and Circle (USDC) still dominate the market, but new players are entering with new ideas. For example, Ethena (ENA) stablecoin has carved out a niche with its yield-focused program.
Source: Delphi Digital
One of the main developments is the proposed GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins. The Senate passed the bill on June 17, and it now heads to the House of Representatives.
If passed, GENIUS could become one of the most significant laws regulating stablecoins, turning the U.S. into a global hub for the ecosystem. Scott Bessent, Secretary of the Treasury and a supporter of the bill, has claimed it could help reduce the national debt.
However, there is debate over whether it might have the opposite effect. Stablecoins could increase demand for Treasuries, meaning more debt issuance. The act would require issuers to back their tokens with U.S. bonds, similar to what Tether and Circle already do.
Once fully implemented, GENIUS could strengthen USD-pegged stablecoins. Issuers may need to adjust their frameworks or release U.S.-specific tokens to comply. Rumors suggest Donald Trump wants to see the law finalized by August.
Even if GENIUS does not directly cut the national debt, it would still open the door for more market participants and new types of stablecoin partnerships.
‘Smooth Integration’ of Stablecoins
The stablecoin market is not only growing among crypto-native users. It is also attracting attention from U.S. Treasuries, tech giants, and traditional banks. Does this mean stablecoins will replace the banking system?
Not necessarily, according to Frank Combay:
While stablecoins remain a choice, we expect banks to eagerly adopt them to stay competitive. Those who prefer cards can continue using them while benefiting from faster transactions and lower fees. Importantly, stablecoins pose no threat to CBDCs, as central bank digital currencies serve as sovereign-backed alternatives to physical cash. Rather than framing this shift as ‘disruption’ or ‘coexistence,’ we prefer the term ‘smooth integration.’
The opportunity is not limited to USD-backed tokens.
There is growing momentum around euro-denominated stablecoins, especially after the rollout of the Markets in Crypto-Assets Regulation (MiCA). Combay sees this as the next big opportunity:
With a $230B+ market cap, we’re seeing global players launch new stablecoins at an unprecedented pace. And this is just the beginning. While USD-pegged stablecoins have already proven their potential, EUR-pegged stablecoins are still in early adoption stages, representing the largest growth opportunity, with over 99% of untapped market potential.
Stablecoins are gradually becoming a real alternative in the payments space. With lower fees, faster transactions, and growing regulatory clarity, they’re no longer just a crypto niche.
As Frank Combay put it:
The adoption of digital assets, including stablecoins, has been growing exponentially. This is an irreversible shift in modern finance.
The shift won’t happen overnight, and traditional players like banks and card networks aren’t going anywhere. But stablecoins are being taken seriously by both crypto-native projects and legacy institutions. The idea of “smooth integration” might be exactly how this plays out.
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