Seven signals shaping the next phase of blockchain payments

EY-Parthenon research shows blockchain payments moving from exploration to implementation, with the competitive frontier emerging above the rail.

In brief

• Stablecoin adoption among corporates has doubled since 2025, with another 33% likely to adopt stablecoins or tokenized deposits in the next 6–12 months.
• Corporates prefer to adopt blockchain payments through current providers, while among FIs offering or planning to offer stablecoin services, only 9% plan to build those capabilities entirely in-house.
• Integration and client experience are key to scaling — 74% of corporates prefer blockchain payments embedded in existing interfaces.
  

Stablecoins and tokenized deposits are gaining traction across payments, treasury operations and cross-border transactions as corporates and financial institutions (FIs) move from exploration to implementation. The focus is increasingly shifting from whether these capabilities will be adopted to how they can be implemented and scaled effectively.

Latest EY-Parthenon research into blockchain payments, based on a survey of more than 500 decision-makers from nonfinancial corporations and financial institutions, highlights a market increasingly focused on implementation at scale. The findings reflect broader shifts across treasury, cash management and corporate financing, where integration, connectivity and client experience are becoming increasingly important sources of value. The research also reinforces the emergence of a multi-rail future, where organizations increasingly prioritize outcomes over the underlying payment rail.

Increased regulatory clarity has fueled adoption, setting the stage for FIs to scale their offerings more broadly. Corporates and FIs also report tangible value from initial use cases and are forming clearer plans for future implementation.

Incumbent FIs are well positioned because corporates prefer to access blockchain payments through existing relationships. But this is not simply a story of technology uptake. Competitive differentiation, client experience and the ability to address specific business needs will help determine which providers capture the opportunity. For banks, the focus will increasingly be on integrating services into existing workflows, connecting with wider payment ecosystems and developing differentiated services above the payment rail. Banks and other FIs may seek partnerships with digital-native companies and FinTechs to build the necessary infrastructure and capabilities to serve their clients.

With most FIs viewing blockchain payments as a moderate or major opportunity over the next five years, effective integration could enable banks to create value beyond money movement and develop innovative services based on digital assets, tokenized money and blockchain infrastructure.

With adoption accelerating and implementation plans taking shape, the research also reveals seven clear signals about how blockchain payments are evolving and where the next phase of growth is likely to emerge. These signals have implications for both corporates and financial institutions as they refine their strategies, partnerships and operating models.

Seven signals shaping the next phase of blockchain payments

1. Regulatory clarity and a strong business case are driving implementation

Corporate stablecoin adoption has approximately doubled since the 2025 edition of the study. Nearly one-fifth, or 18%, of corporates have used stablecoins, 15% have used tokenized deposits, and 21% of corporates have used stablecoins, tokenized deposits or both.

Adoption by banks and other FIs is also trending upward: 69% already offer or plan to launch stablecoin services in the next two years. Among banks, 49% currently offer or plan to launch tokenized deposits over the same period.

Regulatory developments, including the passage of the US GENIUS Act and the EU’s Markets in Crypto-Assets Regulation (MiCA), have accelerated adoption timelines among corporates and FIs. But regulation is only part of the story. The business case is also becoming clearer: 88% of corporates using or exploring stablecoins report or expect improvements in cash flow cycles. This shift toward practical value is consistent with EY research on digital asset adoption (via ey.com US) among institutional investors, which points to growing interest in infrastructure and operational applications, including T+0 securities settlement and internal cash management.

2. Established providers have a competitive edge, but partnerships with digital natives will shape delivery

The research confirms that established banks and payments providers have an advantage through existing client relationships. Sixty-three percent of corporates say they are likely to adopt blockchain-payment capabilities offered through their current banking or payments provider. More than half want to access stablecoin and tokenized deposit services through existing interfaces and workflows, reinforcing the importance of trust-based relationships and integrated experiences.

This expectation extends beyond blockchain payments. EY Voice of the Treasurer research (pdf) found that 70% of treasurers say their banks do not embed services into digital workflows. Together, the findings suggest that adoption may depend as much on how seamlessly new capabilities are embedded into treasury, ERP and banking environments as on the payment capability itself.

4. Initial use cases, including cross-border payments, are focused on common pain points

The research reveals both the how and why of blockchain payments. Cross-border B2B payments are the leading use cases: 53% of respondents are using or exploring blockchain payments for cross-border supplier payments, and 50% cite cross-border B2B payment acceptance.

They are prioritizing these approaches to improve speed and cost-efficiency — two key business challenges. Among corporates, settlement delays (56%) and the high cost of foreign exchange transactions (52%) are the leading cross-border payment pain points that blockchain payments can help address.

5. Differentiation and strategic relevance matter as much to FIs as new revenue

Among FI respondents, 66% said competitive differentiation was the top driver of interest for developing blockchain payments solutions. That’s up from 52% in our 2025 research. Those citing revenue generation as a top driver fell from 59% to 41%.

Collectively, these results show how banks increasingly view blockchain payments as a strategic capability and a necessity to remain competitive rather than solely an opportunity to boost revenue or improve process efficiency.

6. The future will be multi-rail

The research confirms that interest in both stablecoins and tokenized deposits is rising, pointing toward a multi-rail future. Among respondents with an interest in blockchain payments, 45% of corporates and 53% of FIs favor both stablecoins and tokenized deposits. Across all respondents including those still monitoring the market or reporting no current plans, 34% favor both. The implication is that organizations value outcomes and strategic flexibility over commitment to a single instrument, with both stablecoins and tokenized deposits likely to play roles across the evolving payments ecosystem. In other words, organizations are increasingly evaluating blockchain payment solutions based on outcomes and usability rather than the specific rail that powers them.

Future technological advances and evolving regulatory conditions make flexibility an important strategic consideration. FIs will also need to support different solutions across clients, counterparties and use cases. Stablecoins are the preferred standalone choice, indicating that they are currently viewed as the more mature form of digital money.

For FIs:

• What use cases offer the greatest opportunity for our business and for clients? How do those use cases differ by client segment and need?
• How do we shape our strategy and operating model given the evolving regulatory landscape?
• What is the optimal role for our institution to play – issuer, enabler, servicer, integrator or a combination of these?
• How can we create greater value for clients beyond providing payment rails and core money movement infrastructure?
• Which capabilities can partners provide to enhance interoperability, scale and speed to market?
• What improvements are necessary to technology infrastructure, governance frameworks and operating models to scale our stablecoin services and tokenized deposit solutions?

For corporates:

• What role do blockchain payments play in broader payments modernization efforts?
• How can we align use cases to measurable operational value today while still retaining strategic flexibility for the long term?
• Which use cases for blockchain-based money movement – liquidity management, trade, settlement, programmable payments – make the most sense for the business?
• What is necessary to integrate blockchain payments into existing ERP, treasury and banking workflows?
• What enhancements to governance models and compliance processes are required to implement and scale adoption of stablecoins and tokenized deposits?
• In evaluating partners, which criteria are most important – trust-based relationships, operational capabilities, proven technology, innovative offerings and overall value proposition?
  

The authors would like to acknowledge the contributions of the EY-Parthenon blockchain payments team, including Martin Rogulja, Scott Mickey, Melody Tsolmonkhuu and Hassaan Hanif.

Summary

Blockchain payments are progressing toward implementation, supported by greater regulatory clarity, emerging evidence of value and more definitive corporate and FI plans. Banks and established payments providers are well positioned for the next phase of growth because of their existing trusted relationships and integrated client experiences. But FinTechs and digital-native providers will remain important partners in delivering the technology, infrastructure and services required to scale on-chain money movement. Ultimately, competitive advantage will come not from the payment rail alone, but from how effectively providers embed it into client workflows and build differentiated services above it.