The following is a guest post and opinion from Forest Bai, Co-Founder at Foresight Ventures.
Stablecoins are no longer a crypto niche—today, they are the infrastructure layer powering the next generation of global payments.
Over the past year, the stablecoin market cap has doubled, soaring from under $150 billion to a record $232 billion, while transaction volumes tripled, now eclipsing even Visa’s sprawling network.
Tether (USDT), USD Coin (USDC) and PayPal’s PYUSD continue to dominate transaction flows, but dozens of new stablecoins keep entering the market, each targeting specific regions, user segments or enterprise needs.
Combined with explosive growth, these developments confirm stablecoins’ evolution: No longer a crypto niche but foundational payment infrastructure. Stablecoins now operate at the intersection of regulation, financial technology and real-world usage.
Impending U.S. Regulation Could Be a Historic Milestone
Perhaps the most significant development is Washington’s newfound seriousness about stablecoin regulation. The bipartisan GENIUS Act in the Senate proposes what could become the first balanced federal framework for the sector.
It recognizes both bank and non-bank issuers, allows state-regulated entities to continue operations, and imposes requirements for full 1:1 backing and strict compliance with consumer protection laws. It’s designed to make stablecoins safer without killing innovation.
The STABLE Act, scheduled for House Financial Services Committee review on April 2, focuses on risk management and abuse prevention through strengthened anti-money laundering protocols and increased oversight. Together, these bills signal that the U.S. is done watching from the sidelines.
Treasury Secretary Scott Bessent has publicly supported stablecoin development as a strategic priority. He sees stablecoins as a way to extend U.S. dollar dominance into the digital economy. With stablecoins, the U.S. can preserve global financial influence without requiring a complete overhaul of the existing monetary system.
Enterprise Infrastructure Is Going On-chain
The latest report from Foresight Ventures demonstrates how stablecoins are already addressing long-standing gaps in traditional finance: While bank wires remain costly and slow for cross-border transactions, stablecoins settle instantly for mere cents. They operate globally, around the clock, without relying on outdated rails, like SWIFT or ACH.
Enterprise adoption is accelerating, as stablecoins offer faster liquidity, cheaper settlement and programmable payments.
Stripe’s acquisition of Bridge underscores major payment providers’ growing commitment to stablecoins. Bridge enables businesses that want to plug into the blockchain economy to issue and orchestrate stablecoins. BVNK automates payment routing between fiat, crypto and local banking partners, making it easier for global companies to integrate stablecoins into their treasury stacks.
Yield-bearing stablecoins, like Mountain’s USDM or Ethena’s USDe, are giving digital dollars a new utility by offering better returns than most savings accounts, with fewer intermediaries. If these use cases prove sustainable, they could become increasingly attractive to both businesses and consumers.
Consumer Payment Apps Are Adopting Stablecoins Fast
Stablecoins are moving into apps people already use, with PayPal, Venmo, Nubank and Revolut embedding stablecoin functionality directly into their interfaces. It allows consumers to transact globally, send remittances and pay merchants without needing to know anything about blockchain.
Merchant adoption is keeping pace, with Stripe’s stablecoin acceptance and upcoming Apple Pay and Google Pay integrations removing final barriers to everyday use.
Platforms like Helio and Decaf let merchants settle in stablecoins through Shopify and other e-commerce channels. These tools are critical in emerging markets where credit card networks are inefficient or nonexistent. Freelancers and gig workers are increasingly using stablecoins to receive direct payments, without currency conversion losses or slow banking delays.
Behind the scenes, processors, like MoonPay, Ramp and Alchemy Pay, manage the complex compliance work, facilitating fiat conversions and KYC verification. This infrastructure is key to making stablecoin usage smooth and compliant at scale.
The Stablecoin-Native Economy Is Emerging
A new financial architecture is forming. In many regions, especially in Latin America and Southeast Asia, stablecoins already outperform local banking services: People hold stablecoins instead of local fiat in a bid to preserve value. For instance, between July 2023 and July 2024, 47% of transactions under $10,000 were conducted using stablecoins, reflecting their importance in everyday transactions and remittances.
The high inflation and devaluation of local currencies mean that users are increasingly parking savings in stablecoins, while businesses are using them for real-time treasury operations and developers are building native stablecoin apps that skip banks altogether.
Solana and Tron collectively process $77 billion in stablecoin transactions by offering speeds and fees traditional finance can’t match. Upstarts, like Codex, even share sequencer fees with stablecoin issuers to build distribution incentives directly into the payment layer.
These chains are optimized for finality, cost and throughput—exactly what stablecoin finance demands.
The revenue-sharing model used by issuers, such as Paxos and Agora, gives stablecoins network effects—fintech apps, payment processors and even traditional banks now have incentives to integrate and distribute them.
What Comes Next?
The next phase of growth will focus on mass adoption and regulatory maturation. Nation-state stablecoins will emerge and enterprises will increasingly hold yield-bearing stablecoins as part of their treasury strategy.
Consumers will be transacting with stablecoins seamlessly—often even without explicit awareness—as financial products increasingly use them as foundational infrastructure rather than fiat. At current adoption rates, the stablecoin market cap is set to exceed $400 billion by next year.
2025 is the U.S.’s make-or-break year for digital finance leadership. With regulatory frameworks taking shape and the technological infrastructure already in place, passage of both the GENIUS Act and STABLE Act would position the U.S. to dictate the next era of global digital payments.