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EY-Parthenon conducted a survey after the Senate approved the GENIUS Act showing progress, adoption and plans for stablecoins.
The passage of the GENIUS Act marks a turning point in the evolution of digital payment infrastructure and transaction processing. By providing a framework for regulatory clarity, it unlocks new opportunities to reduce costs, accelerate transaction speed and improve liquidity across corporate, cross-border and consumer payments. Stablecoins — powered by blockchain and backed by real-world assets like cash and U.S. Treasuries — are emerging as a new tool for growth and innovation in global financial markets.
While the U.S. Senate debated this landmark legislation, EY-Parthenon team surveyed 350 corporate and financial services executives to assess their plans, optimism and current usage of stablecoins. The results confirmed what many suspected: stablecoins are poised to transform global payments.
Stablecoins have a 13% utilization among financial institutions and corporates globally, and 54% of organizations not using stablecoins today expect to within the next 6 to 12 months.
Among organizations currently using stablecoins, 41% reported cost savings of at least 10%, primarily in B2B cross-border payments using USD-denominated stablecoins. Among nonusers, 80% are actively exploring stablecoin adoption.
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Read moreSigned into law on July 18, 2025, the GENIUS Act provides a foundational framework for USD-denominated stablecoins. Key provisions include:
This regulatory clarity is outlined further in a recent piece published by our digital assets team and, combined with this survey, provides an important backdrop to understanding the increased optimism and expected investments in the adoption of stablecoins.
Stablecoin awareness is widespread, with 100% of respondents saying they are familiar with them.
Thirteen percent have used stablecoins, with FIs (23%) leading corporates (9%) in early adoption. Looking ahead, 60% of firms expect interest in stablecoins to rise over the next 12 months and 58% of corporates plan to adopt within two years.
Signage of the GENIUS Act into law since the survey was completed could be expected to increase this intent even further.
The majority of respondents believe that 5% to 10% of cross-border payments will be made using stablecoins by 2030, representing $2.1t to $4.2t of value, according to EY-Parthenon estimates.
This assumes a cross-border payments value comprising 2024 cross-jurisdiction B2B (excluding wholesale activities such as trading, FX), P2P, C2B and B2C payment values. The projection underscores the scale and potential impact of stablecoins on the broader financial and payments ecosystem.
For those who have already leveraged stablecoins, one use case stands out: cross-border payments.
For those who have used stablecoins (13% of respondents), cross-border payments stand out as the dominant use case, with 70% of FIs and 55% of corporate noting it as their top use case.
For multinational firms, the shift to instant settlement platforms offers significant advantages: streamlining payments for inventory and raw materials, accelerating capital availability, and reducing both clearing times and fees associated with large international fund transfers. This evolution in payment infrastructure positions stablecoins as a strategic lever for improving liquidity and operational efficiency in global supply chains.
In pursuit of understanding the potential impact of stablecoins, 80% of corporates have either completed or plan to complete a formal ROI analysis. Among these organizations, an impressive 87% believe that adopting stablecoins could provide a competitive advantage in their respective markets. The top drivers of interest include reduced transaction costs (52%) and faster cross-border payments (45%).
While there is evidence that stablecoins will deliver cost savings, infrastructure remains a critical enabler. Currently, only 8% of corporates support accepting payments in stablecoins. However, a significant 60% of respondents indicated they would consider using stablecoins for payments if at least 20% of their vendors accepted them. Much like EV adoption depends on charging station availability, stablecoin adoption will require a collaborative ecosystem of vendors and clients building the necessary infrastructure.
Organizational readiness varies. Forty-one percent of corporates believe they can integrate stablecoins with moderate effort, while 36% anticipate major systems changes. This disparity suggests that some firms may gain a first-mover advantage, while others may need to partner to accelerate capability development. With the advent of new regulatory clarity, we expect firms to execute a more meaningful assessment of where they are and begin in-depth exploration of deployment models – build their own, join a consortium, use an existing stablecoin, etc.
The ecosystem for stablecoin services has grown and will expand further as regulatory clarity accelerates demand. While extending existing relationships with banking partners is a logical step for many corporate clients (63% of corporates noted they will lean on their traditional banking/FI partners for stablecoin capabilities), FinTechs and third-party providers will play a critical role serving clients directly or providing infrastructure to banks. Only 5% of FIs noted they plan to build all stablecoin capabilities themselves. More than half of banks, 53%, will take a hybrid approach to providing services, building both in house and partnering with a vendor. Corporates may also weigh both provider and speed-to-market considerations as they assess how to acquire stablecoin capabilities.
To build out stablecoin infrastructure, 79% of FIs plan to leverage third-party providers and 73% intend to partner for licensing. This reliance reflects the complexity of stablecoin integration and the need for collaboration to navigate regulatory and technological challenges.
Integration with existing financial systems is a top priority. Fifty-six percent of corporates prefer embedded APIs within their current treasury platforms, and 70% would be more inclined to adopt stablecoins if ERP integrations were available.
Third-party providers are well positioned to deliver solutions that align with these requirements. Most corporates (79%) convert stablecoins to fiat immediately after transactions, driven by concerns over regulatory clarity (79%) and a lack of confidence in liquidity (56%).
Client interest is a powerful catalyst. Currently, 15% of FIs offer stablecoin services, with another 15% planning to launch within two years. Fifty-one percent of initiatives are driven directly by client demand, and 51% of FIs report that at least 10% of their customers have expressed interest.
To meet client needs, FIs are primarily focused on providing on- or off-ramp services (56%) and developing wallet infrastructure (56%). These services are essential for facilitating the seamless conversion between fiat and stablecoins, as well as for securely storing and transacting in digital assets.
In terms of monetization, FIs plan to generate revenue through transaction fees (47%) and volume-based pricing (37%), reflecting familiar models in financial services.
The emergence of stablecoins — especially in light of the GENIUS Act — signals a transformative shift in global finance. With the potential to reduce transaction costs, enhance liquidity and streamline cross-border payments, stablecoins are poised to reshape both corporate and consumer transactions.
FIs will play a central role, leveraging partnerships to deliver stablecoin services and infrastructure. As the ecosystem matures, collaboration among corporates, banks, FinTechs and regulators will be essential to unlocking the full potential of stablecoins.
The journey ahead is one of innovation and strategic planning. Leaders across financial services and commercial enterprise must act now to define their role in this evolving landscape and position themselves for success in the next phase of global commerce.
Survey methodology
Conducted in June 2025, the survey aimed to better understand how financial institutions (n=100) and corporates (n=250) think about stablecoins (including the current state of payments, use cases, expected benefits and challenges, implementation plans, and value propositions for clients). The audience included only decision-makers (e.g., CFO, CTO, CIO, Head of Blockchain/Digital Assets, etc.) with a mix of respondents whose firms are either current users or aware of stablecoins. The survey was focused on the US (63% of respondents) and EMEA (17%), with some representation from the rest of world (20%). All respondents' organizations had at least 20% of their revenue from the US.
Note: This survey was fielded mid-June 2025 after the Senate approved the GENIUS Act on June 17, 2025; but before the House passed it on July 17, 2025, and it was signed into law by the President on July 18, 2025.
Download the full survey of Stablecoins in focus: navigating the new digital financial landscape.
Contributors of this article are:
Stablecoins are set to transform the way businesses and consumers pay for goods and services. Lower costs and instant clearing of payments stand to deliver bottom-line financial benefits and drive efficiencies for corporate and financial services firms alike. The passage of the GENIUS Act and its expected regulatory clarity will only accelerate adoption as firms explore new use cases and develop their stablecoins strategy.
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