Stablecoins are rapidly evolving from speculative crypto assets into core financial infrastructure, reshaping global liquidity flows and challenging traditional correspondent banking systems.
By digitising fiat currencies, particularly the US dollar, stablecoins enable near-instant cross-border transfers and reduce reliance on costly intermediaries, positioning themselves as blockchain’s first true “killer app”.
“The traditional cross-border system is slow, expensive, and crowded with intermediaries—each adding their own friction,”
Said Sami Start, co-founder and chief executive of Transak.
Regulatory clarity, including Europe’s Markets in Crypto-Assets Regulation and the US GENIUS Act, has provided institutional certainty that is accelerating adoption across fintech platforms, payroll systems and neobanks.
While dollar-backed stablecoins continue to dominate on-chain reserves, local currency-pegged tokens are gaining traction for domestic payments, reducing foreign exchange exposure and offering smoother 1:1 on- and off-ramps in markets such as Nigeria and South Africa.