Main Points:
- Fortune 500 interest in stablecoins tripled year-over-year to nearly 29% in 2025
- 81% of small and medium-sized businesses (SMBs) express interest in stablecoins, up from 61% in 2024
- Monthly stablecoin transfers reached record highs of $719 billion in December 2024 and $717 billion in April 2025
- Global stablecoin supply grew 54% year-over-year to $247 billion by May 2025
- EU’s MiCA stablecoin rules took effect in mid-2024, and the U.S. Senate advanced the GENIUS Act for stablecoin oversight
- Circle’s USDC issuer went public in June 2025, with stock surging nearly fourfold on debut, diversifying revenue streams
Surge in Corporate Interest
In its June 2025 “State of Crypto” report, Coinbase found that 29% of Fortune 500 executives surveyed indicated their companies plan to adopt or are interested in using stablecoins—more than triple the 8% reported in 2024. This uptick reflects growing frustration with legacy payment rails, where slow settlement times and high fees hamper corporate treasury operations. Indeed, slow transaction speeds and elevated costs were cited as the leading reasons executives are eyeing stablecoin solutions.
Moreover, blockchain initiatives themselves are becoming mainstream: 60% of Fortune 500 firms are now working on on-chain projects, including tokenized assets and supply-chain tracking, marking a 67% annual rise in projects per company. As stablecoins offer near-instant finality and programmable payment logic, they serve as a gateway to more ambitious corporate blockchain deployments.
Small and Medium Business Adoption
The coinbase survey also highlights that smaller enterprises are not being left behind. Among 251 financial decision-makers at businesses with fewer than 500 employees, 81% expressed interest in stablecoins—up from 61% in 2024. Nearly half (46%) of these SMB leaders anticipate incorporating cryptocurrency into their operations within the next three years, signaling that stablecoins may catalyze broader digital asset adoption at all organizational scales.
SMBs recognize that stablecoins can alleviate specific pain points—82% believe stablecoins can reduce transaction fees, expedite cross-border payments, streamline payroll, mitigate inflation effects, or bridge banking-access gaps for underbanked populations. These use cases align with real-world deployments, such as blockchain-based payroll pilots in developing markets and cross-border supply-chain payments using USDC rails.
Transaction Volumes Reach New Heights
Stablecoin usage metrics are underscoring this corporate demand. Monthly organic transfer volumes skyrocketed to $719 billion in December 2024—the highest on record—closely followed by $717 billion in April 2025. Annualized, stablecoin volumes reached $27.6 trillion in 2024, outpacing the combined totals of Visa and Mastercard by 7.7%.
This surge demonstrates that stablecoins are maturing beyond trading-only applications; however, only 6% of transfers involve direct merchant payments or payroll, indicating substantial untapped potential in commerce and corporate treasury. As platforms enhance compliance and on-chain tooling, those percentages are expected to climb.
Expansion of Stablecoin Supply
On the supply side, stablecoin capitalization climbed 54% year-over-year, reaching $247 billion in circulation by May 2025. This expansion is driven by both US dollar-pegged tokens (USDC, USDT) and emerging e-money tokens pegged to the euro (EURC) and regional currencies like the UAE dirham.
The growing reserve models—often parked in short-term government funds—have generated significant yield; Circle reported nearly $1.7 billion in reserve income in 2024, although lower rates in early 2025 may shift the revenue mix toward transaction fees and services. This diversification enhances issuer resilience, particularly as regulatory compliance costs rise.
Regulatory Landscape Evolves
Global regulators have accelerated stablecoin oversight to match adoption curves. In the EU, the Markets in Crypto-Assets Regulation (MiCA) mandates asset-backed tokens maintain full reserves, publish whitepapers, and undergo regular audits—rules that entered into force for stablecoins on June 30, 2024. CASPs must secure licenses by mid-2026, and issuers like Circle’s EURC have already gained EMI authorization in France under MiCA.
In the U.S., the Senate advanced the GENIUS Act to establish a federal framework for stablecoin issuance, reserve requirements, and consumer protections, signaling bipartisan recognition that unregulated stablecoins pose systemic risks—yet also offer efficiency gains. Should this legislation pass, it will clarify oversight roles among the Treasury, Federal Reserve, and FDIC, fostering institutional adoption.
Case Study: Circle’s Market Debut
Circle Internet Group, issuer of the USDC stablecoin, made a splashy public debut in early June 2025. Its IPO price of $31 rapidly surged to $116.66, valuing the company near $22 billion on opening day . USDC circulating supply nearly doubled from $32 billion to $60 billion in the first quarter of 2025, offsetting thinner reserve yields and underscoring the value of network effects.
Circle’s strategy now hinges on increasing off-exchange circulation—reducing fee payouts to partners like Coinbase—and expanding non-reserve-based services, which already account for 3.6% of early 2025 revenues. The firm is also piloting tokenized deposits, treasury APIs, and cross-border payroll solutions, illustrating how stablecoin issuers can evolve into full-stack financial infrastructure providers.
Future Outlook and Practical Use Cases
Looking ahead, stablecoins are poised to underpin a new generation of blockchain-enabled services:
- Cross-Border Settlements: Corporates can reduce foreign exchange costs and settlement times from days to seconds via on-chain rails.
- Automated Treasury Management: Programmable payments enable dynamic liquidity sweeps, interest-bearing token deposits, and real-time reconciliation.
- Tokenized Rewards and Payroll: Businesses can issue stablecoin-denominated loyalty points or salaries, integrating vesting and compliance checks on-chain.
- DeFi Integration: Institutional liquidity pools and lending protocols offer additional yield, though regulatory clarity is needed to onboard corporate treasuries.
To capitalize on these trends, enterprises should pilot stablecoin corridors in low-risk corridors—such as intra-affiliate transfers—while building robust custody and compliance frameworks. Collaborative initiatives between banks and crypto-native firms will likely accelerate mainstream adoption.
Conclusion
The threefold surge in Fortune 500 interest, combined with record transaction volumes and expanding global supply, signals that stablecoins are transitioning from niche fintech experiments to core pillars of modern corporate finance. Regulatory frameworks in the EU and U.S. are converging to provide the guardrails necessary for widespread deployment, while issuers like Circle demonstrate market confidence through successful public listings. For businesses seeking new revenue sources, streamlined payments, and practical blockchain applications, stablecoins offer a compelling toolkit—provided that adoption is paired with vigilant compliance and strategic integration into existing financial systems.
