Stablecoins did not become a global settlement layer because banks adopted them. They grew because businesses and fintechs needed faster settlement, predictable fees, and global money movement that legacy payment rails could not provide.
In 2024, stablecoins processed extraordinary volume, with estimates ranging from $23 trillion (IMF) to $26 trillion (BCG). These flows now rival or surpass major card networks, showing that what began as a tool for moving liquidity between crypto exchanges has evolved into a de facto global settlement layer.
Stablecoins first gained traction when traders needed a way to move liquidity without waiting for Bitcoin confirmations or exposure to Litecoin’s price volatility. USDT and later USDC filled that gap by creating a digital representation of the dollar that was easy to transfer and simple to hedge. Exchanges then adopted stablecoins as base trading pairs. For the first time, users could trade “against the dollar” digitally, withdraw that digital asset and settle value across platforms with minimal friction.
The application layer comes into focus
A new application layer has emerged around stablecoins. It includes wallets, APIs, settlement rails, and embedded financial services that support cross-border payouts, merchant flows, B2B remittances, and treasury movements. These systems run behind the scenes. For the end user, value moves like a dollar, but with global portability and faster settlement.
Industry data shows stablecoins are now used in digital money movements and not only in trading environments. Corporations in logistics, gaming, and global contracting already route parts of their payments through stablecoin rails. A growing …