Bain: Stablecoins Set for 12-Fold Growth by 2030

The supply of stablecoins could increase by as much as 12-fold by 2030, according to Bain & Company. This expansion could fundamentally alter cross-border payment flows and institutional settlement processes.

Banks could face what Bain describes as a "great rewiring of wholesale banking", with stablecoins and tokenised deposits moving from experimental tools to infrastructure underpinning global liquidity.

The digital cash instruments were initially developed to support crypto trading. They are now gaining traction among banks and multinational corporates looking to address inefficiencies in global payments and treasury operations.

Use cases are emerging across foreign exchange, collateral management and corporate treasury. Speed, programmability and continuous availability offer advantages over legacy systems. The shift is prompting financial institutions to reconsider their approach to settlement infrastructure and liquidity management.

Bain's analysis suggests that the transformation will require banks to make strategic choices about their level of participation in emerging digital money networks. Early adopters may gain competitive advantages through improved operational efficiency and stronger positions in evolving settlement systems.

Control over global settlement

Ricardo Correia, a partner in Bain & Company's Financial Services practice, says the change extends beyond operational efficiency.

"This is not just about faster payments, it is becoming a strategic question of control over how money moves through the global financial system," says Ricardo. "As stablecoin adoption accelerates, banks are facing a narrowing window to decide where to play. Those that move early will help shape the emerging settlement networks, while those that delay risk operating on infrastructure defined by others."

According to Bain, 34% of CFOs identify cross-border complexity as a leading challenge. Fragmented foreign exchange markets, delayed settlement cycles and the need for pre-funded accounts create friction in cross-border transactions.

Stablecoins and tokenised deposits offer near-instant, programmable transfers of value that can operate continuously across time zones. The technology could reduce delays and enable faster reuse of capital. This capability is particularly relevant for treasury teams managing liquidity across multiple jurisdictions and time zones.

Strategic decisions for institutions

Bain argues the rise of stablecoins presents an immediate strategic imperative for banks. The focus should be on high-friction areas where digital money can deliver improvements, particularly in cross-border foreign exchange, collateral management and treasury functions.

Institutions must invest in compliance frameworks, data integration and operational infrastructure to support adoption. Regulatory considerations such as sanctions screening and transaction monitoring remain barriers, especially in cross-border contexts.

The report recommends a phased approach. Pilot programmes and targeted deployments should precede broader participation in emerging networks.

Stablecoins are expected to complement rather than replace traditional banking infrastructure. Bain describes the future as a "two rails, one system" model, where digital and traditional financial systems operate in parallel.

Embedding digital asset custody

The approach will require banks to embed digital asset custody into existing risk frameworks. Institutions will need to invest in blockchain connectivity and real-time reconciliation between on-chain transactions and internal ledgers.

Integration with existing core banking systems will be necessary to support operational workflows and reporting requirements. Banks will need to develop capabilities in digital wallet management and secure key storage while maintaining regulatory compliance standards.

"As stablecoin supply and use scales, institutions' early participation in these networks will increasingly determine where value accrues in the next generation of wholesale banking," Ricardo says.

The report suggests that institutions focusing on high-friction payment corridors and treasury operations in the near term will be best positioned to capture operational efficiencies as stablecoin infrastructure matures.