2025年跨境支付中的稳定币状况研究报告（英文版）

LUCY INGHAMAuthorContributorsFEATURING SUBSTANTIAL FXC INTELLIGENCE DATA COVERAGE ANDADDITIONAL INSIGHTS FROM INDUSTRY LEADERS:DANIEL WEBBERCALLUM TYNDALLARINOLA LAWALSTABLECOINSThe 2025 industry primerTHE STATE OFIN CROSS-BORDERPAYMENTSFXC Intelligence is the global industry standard for cross-borderpayments data and intelligence17 JULY 2025FXCINTEL.COMKEY DATAFXCINTEL.COM2$16.5TNThe base total addressable market forcross-border payments using stablecoins,based on current market conditions (FXCIntelligence market sizing data, based onnon-G20 market size)$23.7TNThe upside total addressable market forcross-border payments using stablecoins,based on current market conditions (FXCIntelligence market sizing data, based onnon-G10 market size)<1%The current share that stablecoins have ofthe global cross-border payments market(including wholesale, totalled $194.8tn in2024 – FXC Intelligence data)>80%The share of the entire stablecoin marketheld by the two leading stablecoins,USDT and USDC+186%The rate of increase in press releasesissued that discuss stablecoin payments,versus those released a year ago11 YEARSThe time that has passed since the firststablecoin was launchedLATIN AMERICA & THE CARIBBEAN TO NORTH AMERICAAND SUB-SAHARAN AFRICA TO EUROPE & CENTRAL ASIATwo of the regional corridors with the highest stablecoin opportunity for consumer cross-border payments, based on analysis of FXC Intelligence data tracking the costs and speed ofcross-border payments covering all 49 regional corridor combinations globally © FXC INTELLIGENCE 2025INTRODUCTIONFOR THE CROSS-BORDER PAYMENTS INDUSTRY, IT’SCLEAR THAT 2025 IS THE YEAR OF STABLECOINS. New announcements about projects using the technology are being made on an almost daily basis,while landmark regulation is bringing stablecoins deeper into the traditional ends of the market.“We are entering a period of escape velocity in terms of everyone recognising this is a new andupgraded payments technology,” explains Chris Harmse, Co-Founder and Chief Business Officer ofBVNK, a provider of enterprise-grade stablecoin infrastructure. “There's real businesses and real usecases happening. It's not some sort of crypto fad and the adoption is real.”But as with any technology attracting such enthusiasm, there are also claims made about stablecoinsand their applications in payments that struggle to hold up to scrutiny. “Sometimes when you scroll through LinkedIn or attend conferences, it feels like stablecoins are beinghyped as the solution to everything – like they're about to solve world hunger or cure cancer. It's a bitmuch,” says Eric Barbier, CEO and Founder, Triple-A, a B2B digital currencies payments solutionprovider.The market is fast-moving, with many players seeing rapid development of both their businesses andthe mix of companies that are engaging with them. It’s clear that there are benefits to be had, but withat times significant technical complexity surrounding stablecoins, understanding where they lie can be