The perception that Stablecoins are breaking out of their original cryptocurrency niche and impacting both domestic and cross-border payments is overstated. The cost, speed and accessibility advantages of Stablecoins have yet to disrupt existing domestic and cross-border payments services or money market practices. The number of digital wallets capable of accepting Stablecoins is a better measure of the ultimate scalability of Stablecoins than the number of Stablecoin issuers

Stablecoins are not booming and CBDCs are not dead, especially in Europe where the ECB is pressing ahead with plans for a digital euro in 2028. Different uses-cases will rely on different forms of tokenised money and the private sector is building the necessary infrastructure. Corporates are drivers of change in payments and cash management and may be pioneering the disintermediation of the banks.