The path to a $10 trillion stablecoin economy is underway | Opinion
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Western Union’s stablecoin integration, alongside issuances from PayPal and Ripple, signals that the shift toward a multi-trillion-dollar stablecoin economy is already underway.
- Stablecoins are already systemically important: Processing $46T annually and rapidly accumulating U.S. debt, issuance has grown to ~$300B and could reach $7–10T as regulation, banks, and corporates align.
- Demand is coming from everywhere: Cross-border payments, EM dollarization, corporate treasuries, money market substitution, RWA settlement, and DeFi collateral each add trillion-dollar tailwinds.
- A new corporate model is emerging: Digital asset treasuries (DATs) are turning stablecoins and on-chain assets into core treasury tools, positioning early adopters to shape the next decade of global finance.
Stablecoins are already one of the largest purchasers of U.S. government debt, processing $46 trillion in volume last year alone, rivaling the U.S. ACH network. Stablecoin supply grew from $28 billion in 2020 to almost $300 billion today despite regulatory uncertainty, limited institutional buy-in, and restricted access — all factors now shifting in their favor. On current trends, issuance could plausibly hit $10 trillion within five to ten years. Here’s how…
Cross-border payments and remittances
The global cross-border payments market generates $200 billion in annual revenues while handling more than $40 trillion in volume. Yet, sending even a modest $200 transfer still averages above 6% in fees and can take days to settle. Stablecoins offer near-instant settlement at fees under 1%. Circle launched its payments network to leverage this opportunity and enable real-time settlement using USDC (USDC) across borders.
If stablecoins capture just 30% of cross-border settlement flows, with funds held in transit for 15-30 days on average, the required float alone would be $500 billion to $1 trillion.
Emerging market dollarization
As Standard Chartered projects, up to $1 trillion in bank deposits in emerging markets could migrate to stablecoins within three years. Of the roughly $10 trillion in vulnerable global savings, a 10-15% shift could drive another $1-1.5 trillion in demand.
Corporate treasury management
Global corporate cash holdings surpass $8 trillion. In the U.S. alone, firms manage more than $4 trillion in cash and equivalents. With 2025’s focus on navigating tariffs, rate changes, and geopolitics, efficient treasury tools are essential. A multinational can move stablecoins between subsidiaries in Singapore, São Paulo, and San Francisco in seconds, all without waiting for correspondent banks.
If only 5-10% of global corporate cash migrates to stablecoin rails, that’s $1 trillion to $2 trillion.
Money market fund substitution
U.S. money market fund assets just hit a record $7.57 trillion. Globally, the figure approaches $10 trillion. Tokenized money market products offer instant settlement, 24/7 availability, and seamless integration into financial applications. BlackRock’s BUIDL, Ondo Finance’s OUSG, and similar treasury-backed tokens are already bridging this gap, while Goldman Sachs and BNY Mellon launched tokenized money market fund solutions — a clear signal that Wall Street sees on-chain settlement as the future of cash management.
If 20-30% of money market fund capital migrates to on-chain equivalents, that’s $1.5 trillion to $2 trillion in stablecoin demand.
RWA tokenization settlement
PwC projects that tokenized fund assets will grow from $90 billion to $715 billion by 2030. Industry estimates from McKinsey suggest $2 trillion to $16 trillion worth of bonds, funds, and securities could be on-chain by the early 2030s.
Every tokenized asset trade requires a settlement currency. If 8-10% of tokenized asset value needs to be held for settlement and liquidity, we’re looking at $2 trillion to $3 trillion.
Crypto-native demand
In September 2025, monthly trading volume on perpetual protocols passed $1 trillion for the first time. Platforms like Hyperliquid operate almost exclusively on stablecoin collateral. As DeFi matures and institutions enter, collateral demand in trading, lending, and liquidity could reach $500 billion to $1 trillion.
Sovereign and institutional reserves
Global FX reserves exceed $12.5 trillion, with roughly $7 trillion in assets. While central banks won’t adopt stablecoins tomorrow, smaller sovereign wealth funds and quasi-governmental entities are exploring allocations.
Even minimal penetration with just one G20 central bank experimenting with stablecoins could be seismic.
The math adds up
Adding these estimates yields a forward-looking range of $7 trillion to $10 trillion. This extends beyond Citi’s $4 trillion bull case or Treasury Secretary Scott Bessent’s $3 trillion projection by 2030, capturing decade‑long compounding effects.
The question then becomes ‘who captures the value of this growth?’ The answer increasingly points to a new category of company purpose-built for this moment.
Every Fortune 500 company will be a DAT
Matt Zhang, former global head of structured products trading at Citi and now running Hivemind Capital, predicts that “in 10 years, every Fortune 500 company will be a DAT somehow”. When a Wall Street veteran with 15 years of institutional trading experience makes that call, it signals where corporate finance is heading, and broadly speaking, we’re moving into Act II.
The Digital Asset Treasury sector has grown from four companies in 2020 to more than 142 today. The first wave was simple — buy Bitcoin (BTC), hold, and hope the price goes up. The next generation of DATs puts digital assets to work through staking, DeFi yield strategies, governance participation, and revenue-generating protocols.
This isn’t about memecoins. It’s about digital assets becoming routine treasury tools.
Regulatory clarity has accelerated this. The GENIUS Act created a federal framework, requiring full reserve backing, monthly disclosures, and regulatory oversight. Following this, we’ve seen BNY Mellon tokenizing funds and Visa and Mastercard enabling stablecoin payments.
For traditional investors constrained to public equities, DAT companies offer a way into these markets. Zhang’s prediction that every Fortune 500 company will be a DAT by 2034 might sound aggressive, but what seemed absurd in 2020 — a software company holding billions in Bitcoin — is now routine.
With banks, payments giants, corporates, and regulators aligned, stablecoins are on track to become the backbone of global finance. The institutions that adapt early will define the next decade.
