90% of Banks Issue Stablecoins for Payments, Fireblocks Finds
- Main event involves 90% of banks using stablecoins.
- Banks prioritize cross-border payments use case.
- Stablecoin transactions see significant volume increases.
Fireblocks reports that 90% of traditional banks are currently issuing stablecoins, focusing on cross-border B2B payments to streamline operations globally.
Fireblocks’ findings highlight a major shift as banks embrace stablecoins, significantly impacting global payment systems by enhancing efficiency and reducing costs through blockchain technology.
Banking Strategy Shifts Towards Stablecoins
The report by Fireblocks underscores a significant shift in banking strategy towards stablecoins, with 58% using them for cross-border B2B payments. This move aims to leverage blockchain technology for enhancing transaction efficiency. The survey involved 295 C-suite executives from various financial institutions, indicating a broad industry commitment to stablecoin usage. Critical participants in this trend include fintech companies and traditional banks, with nearly half already incorporating stablecoins in payment processes. Institutional involvement is evident as stablecoins account for 15% of the platform’s global volume.
Economic Impacts and Industry Adaptation
Industry sectors, including finance and commerce, are rapidly adapting to these changes, expecting improved liquidity and decreased transaction costs. Economically, the stablecoin integration reflects a proactive approach to meet customer demand and increase transaction speed. Historical trends suggest that as more banks embrace blockchain-based solutions, there will be continued pressure on traditional payment systems to adapt. The anticipated outcome is greater efficiency, reduced costs, and potentially increased security in global financial transactions, observes Ran Goldi, Senior Vice President of Payments and Network at Fireblocks.
“The stablecoin race has become a matter of avoiding obsolescence as customer demand accelerates and use cases mature” – Fireblocks Report
Further Research and Future Predictions
For additional insights, the Fireblocks 2025 report discusses how payments infrastructure may undergo significant changes heading into the next year, driven by the increased adoption of stablecoins. Moreover, a separate Fireblocks Report highlights revenue growth as a key driver for the transition from experimentation to production level usage of stablecoins in banks.
