2025-12-12 09:08Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the increasing adoption of stablecoins in cross-border payments, driven by regulatory frameworks in developed economies and the active involvement of global payment and fintech companies [3] - Stablecoins are expected to innovate the cross-border payment ecosystem through blockchain technology, creating a new payment paradigm that encompasses multiple currencies, regions, and scenarios [3] Summary by Sections Traditional Non-Bank Financial Institutions' Multi-Dimensional Layout - Traditional remittance institutions are integrating stablecoins into their business models, enhancing cross-border payment systems through various methods such as self-built applications and open APIs [5] - Major remittance companies like MoneyGram and Western Union are launching stablecoin projects, with MoneyGram introducing a stablecoin mobile app in Colombia and Western Union exploring its own USD stablecoin [5][6] International Card Organizations' Stablecoin Strategies - Visa and Mastercard have significantly increased their investments in stablecoin cross-border payment services since 2025, focusing on integrating blockchain technology with real-world payment systems [6][12] - Visa aims to create a stablecoin-based ecosystem, enhancing its payment network and introducing a programmable digital currency platform for financial institutions [7][11] - Mastercard is developing a distributed network for stablecoin transactions and has launched various initiatives to integrate stablecoins into its payment ecosystem [12][15] SWIFT's Strategy and Initiatives - SWIFT is building a blockchain-based shared ledger to support stablecoin and tokenized asset transactions, aiming to maintain its central role in cross-border settlements [16][17] Third-Party Internet Payment Platforms - Third-party internet payment platforms are rapidly developing stablecoin capabilities, with companies like PayPal and Worldpay enhancing their services to include stablecoin payments [19][20] - PayPal plans to expand its stablecoin, PYUSD, to over 20 million small and medium-sized merchants, significantly reducing cross-border payment costs [20] Native Blockchain Companies - Native blockchain companies are pushing for the practical application of stablecoins in cross-border payments, with Ripple and Paxos leading initiatives to integrate stablecoins into traditional financial systems [22][26] Growth of Stablecoin Transactions - The total transaction volume of stablecoins is rapidly increasing, with an estimated $5.7 trillion in transactions in 2024, primarily serving as a payment tool within the cryptocurrency ecosystem [27] - B2B cross-border payments represent a significant opportunity for stablecoins, with potential market sizes reaching $18.8 trillion in non-G10 markets [29]