To anyone who pays genuine attention to the stablecoin market, it comes as no secret that these assets have firmly entrenched themselves among the most important building blocks of the modern digital economy. By late 2025, the total stablecoin market cap had already surpassed the point of $300 billion, which tells us a lot about how much trust people are putting in them. 

Stablecoins get used so much today because they’re fast, borderless, and increasingly reliable. They move value instantly and behave predictably in ways that traditional payments increasingly don’t. It’s not really a question anymore whether stablecoins will stick around. The real question is how they will be adopted — and who will drive that adoption.

The passage of the GENIUS Act in the U.S. was a strong signal that payment stablecoins are entering a new phase. And regulation isn’t arriving just to slow the sector down; instead, it’s stepping up to give stablecoins a defined role in the broader financial system. For the first time, we’ve seen a clear path being introduced for payment stablecoins to operate alongside TradFi systems, rather than simply existing at their edges. They are actively becoming a settlement tool that can be used in practice alongside traditional financial instruments.

Adoption is already happening — but outside traditional rails

I find it important to mention that even outside any formal and large-scale integration by major payment platforms, adoption is spreading at its own pace. There is a growing number of fintechs that are building products at the intersection of crypto, stablecoins, and payments. Companies like ether.fi, Monerium, or Holyheld are already enabling real-world stablecoin usage through their financial tools and offerings. One particularly notable case of this is the exponential growth of crypto cards, utilized for everyday spending among crypto users. A study in Q3 2025 showed that a little over 60% of surveyed users already use these cards for transactions and commonplace purchases.

Meanwhile, we also have data from big names like Visa that their issuance and spending via crypto cards saw a massive rise over the course of the previous year. From January to December 2025, the total transaction volume jumped 525%, with the net spending climbing to $91 million by year-end. All of this evidence points to the rapid adoption of crypto instruments in the mainstream, and stablecoins are the primary way to power those cards.

This usage also highlights another trend that’s becoming more prominent: the growing role of non-USD stablecoins. Assets such as EURe and the more recent ZCHF are finding real demand in payment flows, especially in Europe and Switzerland, where users value on-chain settlement without taking unnecessary dollar exposure.

Euro-denominated stablecoins are rapidly developing under Markets in Crypto-Assets Regulation, and Europe now has multiple compliant euro stablecoins with real transaction volume and fintech integration. A recent report indicates that over the past several years, the total volume of euro stablecoin transactions has grown to surpass €8 billion, showing how non-USD stablecoins are increasingly gaining traction.

The role of banks in stablecoin adoption

Naturally, this shift raises questions about where traditional banks are supposed to fit into the picture. Many people assume banks will be central to stablecoin adoption going forward. And it’s true that they are paying more attention now: this asset class has grown into something large enough that they can no longer dismiss it, and public acknowledgements of their importance are becoming more common. 

A recently conducted survey showed that in 2025, 49% of banks, including some Tier-1s, are already integrating stablecoins into their operations. In Switzerland, for example, over half of banks with active crypto offerings are planning to also include stablecoin-related services.

Looking ahead, I think that a much greater shift may come when central banks start introducing stablecoin-like CBDCs. Some among them, such as the European Central Bank (ECB), are already exploring this direction: particularly wholesale CBDCs intended for interbank settlements rather than retail use. 

These projects involve active collaborations between central banks in France, Germany, Italy, and other countries. And if these efforts succeed and wholesale CBDCs eventually start operating on public blockchain infrastructure — potentially even platforms like Ethereum (ETH) — the impact would be tremendous. It would be a tectonic shift in what’s happening under the hood of the global financial system and how money moves across borders.

Consumers and the rise of redeemable stablecoins

Compared to banks, though, an even greater driver of specifically stablecoin adoption, to my mind, is going to be the consumer. Throughout 2025, we saw more and more use cases for redeemable stablecoins in commonplace financial activities. Major payment networks such as Visa and Mastercard are integrating these assets into their infrastructure, providing settlement solutions and merchant acceptance that extend stablecoin utility into mainstream payments.

Redeemable stablecoins give people more options for day-to-day transactions: payments, transfers, savings, and simple on-chain interactions. All without the friction of legacy systems. From the average user’s point of view, that’s a clear improvement.

Because of this, as we move deeper into 2026, I expect consumer adoption of redeemable stablecoins to be one of the main forces behind the continued growth of this market. Broadly speaking, people adopt financial tools because they work, and stablecoins do work. If a coin is easy to use, settles instantly, and can be redeemed without too much hassle, it will likely find users. 

Banks may eventually integrate these tools, but as I said, in most cases, they will be responding to behavior that already exists, not initiating it.

The role of decentralized stablecoins

Alongside consumer-facing stablecoins, fully decentralized stablecoins remain essential for on-chain finance. While these assets can be used for retail payments, that’s not what they were primarily designed for. What they do in practice is power smart contracts, automated settlement, derivatives, and decentralized lending.

They form the programmable layer that allows financial logic to execute without intermediaries. In many cases, yield-enhancing protocols depend on these decentralized assets to function reliably. In other words, if consumer stablecoins expand usage, decentralized stablecoins power the infrastructure behind that usage. Together, they create a system that is both practical and resilient.

Yield-enhancing protocols: Liquidity as infrastructure

It should be noted that none of these scales has liquidity, which is the real backbone of stablecoin adoption. And this is where yield-enhancing protocols play a critical role.

Yield-generating DeFi protocols unlock idle capital and redirect it into productive use. Instead of liquidity sitting dormant, it can be deployed into automated market makers, lending pools, and cross-chain settlement layers. This creates deeper markets, tighter spreads, and more reliable execution — all of which are essential factors for payments to happen at scale.

In cross-border contexts, this matters even more. Yield-enhancing liquidity pools reduce the cost of moving value between currencies and jurisdictions. They replace fragmented correspondent banking networks with on-chain systems that are transparent, available 24/7, and economically incentivized to remain liquid. When liquidity is deep and incentives are aligned, users don’t need to worry about whether a payment will clear or whether value will be available on the other side.

What comes next

Ultimately, stablecoins are not here to replace banks overnight, and they don’t need to do it to find success, either. They have a more fundamental role to play, and that is to introduce a faster, programmable, and globally accessible financial layer. Stablecoins are meant to do what money should do in the first place: maintain value, move instantly when needed, and earn the trust of the people using them. 

On all three fronts, they are evolving quickly — and in many cases, outperforming the incumbents. The digital dollar accelerates this shift, yield-enhancing protocols make it scalable, and consumer adoption makes it real. How far this can go depends only on what we build next.