Stablecoins are moving out of the purely speculative corner of crypto and into the core of financial infrastructure. The analysis argues that blockchain’s long-sought “killer app” has already emerged: digital tokens that make value move with internet-like speed. For users, the chain itself is not the product. What matters is that transfers, payroll, and settlement can work faster and with less reliance on the old correspondent banking network.
The piece says stablecoins are no longer confined to trading venues. They are increasingly used as backend rails for fintech apps, global payroll systems, and neobanks. Regulatory milestones such as Europe’s MiCA and the GENIUS Act are presented as key factors behind the market’s path toward the hundreds of billions of dollars. A recent International Monetary Fund study also projects strong growth in stablecoin usage, both as crypto on- and off-ramps and as tools for direct cross-border payments in the years ahead.
Remittances and cross-border transfers remain the clearest use case
Cross-border payments are described as one of the areas where stablecoins are already changing the market. Sami Start, co-founder and CEO of Transak, says the traditional system is slow, costly, and crowded with intermediaries. In many corridors, moving money still costs around 6%. By converting local fiat into stablecoins, value can move across chains quickly, reducing the role of middlemen and simplifying functions such as global payroll, marketplace payouts, and treasury operations.
The advantage is not limited to speed. Start says programmability is just as important. Once money exists on-chain as a token, it can be handled more like data and integrated into more complex workflows. For businesses operating across borders, that means shorter settlement paths, fewer manual steps, and more flexibility outside traditional banking hours.
Local currency stablecoins are finding a role in domestic payments
Even though U.S. dollar-denominated assets still make up the overwhelming majority of circulating stablecoins, the article points to a growing push around local currency-backed tokens. One example is South Africa, where a consortium of financial and fintech firms has launched ZAR Universal, or ZARU, a rand-pegged stablecoin designed to reduce delays and costs linked to bank operating hours and cross-border trade.
Start argues that local stablecoins make sense in domestic payment systems, especially in markets such as Nigeria, where regulators, merchants, and users may be more comfortable with a local unit of account. There is also the issue of foreign exchange exposure. If on- and off-ramping can happen at a 1:1 rate with local fiat, fees and spreads may be less affected by volatility than in a flow that requires conversion into and out of dollar stablecoins.
Dollar-backed tokens stay dominant while local tokens supply regional liquidity
The analysis does not frame local stablecoins as replacements for dollar-pegged assets. Start’s position is direct: dollar-backed stablecoins are likely to remain the global reserve asset on-chain. Local stablecoins are presented instead as instruments for local liquidity, useful for domestic commerce and regional financial activity rather than as a challenge to the dollar’s central role in crypto settlement.
In the broader foreign exchange market, stablecoins are described as a way to tokenize currency pairs themselves. Under that model, FX trading starts to resemble on-chain liquidity pools that run continuously, serve global users, and operate with tighter spreads. The implication is that on-chain liquidity may become less exclusively dollar-centric, even if the dollar remains the anchor reserve asset.
Tokenized real-world assets and digital identity are the next layers
Beyond stablecoins, Start identifies tokenization of real-world assets as another major development already in motion. Bonds, treasuries, and money market funds are moving on-chain, and as settlement layers mature, equities, credit products, and more complex instruments could follow. Large institutions are still in the pilot phase, but the direction described in the article is clear.
Identity infrastructure is the other pillar. Reusable KYC protocols, attestations, and compliance layers are expected to become industry standards. The reasoning is practical: mainstream financial products cannot be built on-chain at scale without stronger identity primitives to reduce fraud and protect users. In that setup, stablecoins become the rails beneath payroll, treasury, lending, and investment products rather than a standalone crypto niche.