稳定币聚焦：驾驭新数字金融格局（英）-安永

Stablecoins in focus: navigating the new digital financial landscapeSeptember 2025CONTENTS0001010202030304040606101026262727IntroductionKey takeawaysKey highlightsBackground and methodologyStablecoin exploration and adoptionStablecoin users: corporates and financial institutionsConclusionEY Digital Assets and Crypto team overviewCLICK TO JUMP TO SECTIONSTABLECOINS IN FOCUS: NAVIGATING THE NEW DIGITAL FINANCIAL LANDSCAPE01IntroductionStablecoins have the potential to revolutionize financial transactions — from remittances and trade to everyday payments. The passage of the GENIUS Act on July 18, 2025, marks a turning point, paving the way for increased investment, technological innovation and broader adoption. As the Senate approved the bill, EY-Parthenon team surveyed more than 350 executives from financial and nonfinancial sectors about their views on stablecoins. The findings reinforced market expectations: stablecoins are set for significant growth, and with regulatory frameworks becoming clearer, they are well positioned to integrate into mainstream finance. Stablecoins are not just a promise — they’re delivering measurable value for early adopters. According to the survey, 41% of organizations that have used stablecoins reported cost savings of 10%+, primarily driven by efficiencies in cross-border payments. These savings stem from both receiving payments from suppliers and making outbound payments. Notably, corporate users expressed a strong preference to access stablecoin-based payment services through their existing banking relationships.This presents a clear opportunity for banks to lead the transition. While 15% of financial institutions already offer stablecoin services, another 57% are planning to explore new offerings, with a focus on on-/off-ramp infrastructure and digital wallets. With regulatory clarity now emerging, the conditions are ripe for transformation.Financial institutions anticipate that by 2030, stablecoins could account for 5% to 10% of global payments — representing $2.1t to $4.2t of value, according to EY-Parthenon estimates. This figure includes cross-border business-to-business (B2B), peer-to-peer (P2P), consumer-to-business (C2B), business-to-consumer (B2C) transactions but excludes wholesale transfers (such as trading, foreign exchange (FX). While the full impact remains to be seen, one thing is clear: stablecoins will reshape how quickly and cost-effectively money moves across borders.The momentum is building, and the time to act is now. Financial firms and corporations must evaluate how stablecoins will affect their business models and define their strategic response. Will they become providers of stablecoin services or beneficiaries? Should they begin accepting stablecoins as payment? How will these digital assets disrupt existing systems — and what new opportunities will emerge? Whether building capabilities in house, acquiring them or partnering with others, organizations must develop an informed strategy and