In 2025, stablecoins in the West are gaining traction after the enactment of the GENIUS Act and the introduction of Tempo by Stripe and Paradigm. The law sets regulations for stablecoins, while companies like Visa and Mastercard are integrating stablecoin settlements. Revenue projections show potential growth in the stablecoin market. Regulatory fit, fiat coverage, and enterprise integrations will determine winners and losers in the market. Challenges include fragmentation, compliance, and potential regulatory changes that could impact user incentives and issuer costs. The market is expected to continue expanding, with the potential for stablecoin float reaching the low trillions by the late 2020s. The risks include regulatory uncertainties, compliance costs, and competition in the market. Enterprise integrations and value-added services will be crucial for stablecoin issuers to maintain margins and compete in the market.

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