Stablecoins Set to Transform Global Finance, DTCC Predicts $2 Trillion Market by 2030
Introduction
A groundbreaking report from the Depository Trust & Clearing Corporation (DTCC), a leading provider of post-trade financial services, signals that stablecoins are poised to redefine global capital markets. Published in June 2025, the report, titled "Stablecoins, Liquidity and the Future of Tokenized Assets: A Global Perspective," projects a $2 trillion stablecoin market by 2030. It highlights how institutional adoption, regulatory advancements, and tokenized assets are reshaping liquidity dynamics, positioning stablecoins as a cornerstone of the evolving financial ecosystem [1].
About the DTCC
Founded in 1999, the Depository Trust & Clearing Corporation (DTCC) is a critical pillar of global financial infrastructure. It process 3.7 quadrillions via its own operations and subsidaries [2]. Through its subsidiaries, including the Depository Trust Company and National Securities Clearing Corporation, DTCC provides clearing, settlement, and custody services for equities, bonds, and other financial instruments. Headquartered in New York, DTCC serves as a trusted authority in traditional finance and is increasingly exploring digital assets, offering insights into blockchain and tokenization trends through its Digital Assets division.
Stablecoins: From Payments to Market Pillars
The DTCC report describes the financial sector as being at an "inflection point," with stablecoins evolving beyond alternative payment mechanisms into foundational elements of global liquidity. By bridging blockchain technology with traditional finance, stablecoins are supporting tokenized money market funds and government securities. The report, citing Coinbase, notes the rapid growth of USD-denominated stablecoins and projects that non-USD stablecoins could capture $200 billion of the anticipated $2 trillion market by 2030.
Institutional Adoption Drives Growth
Major financial institutions are diversifying the stablecoin ecosystem, enhancing 24/7 global foreign exchange markets and financial inclusion. Key developments include:
BBVA partnering with Visa for a 2025 stablecoin launch [3].
Societe Generale rolling out its EURCV stablecoin for retail users [4].
J.P. Morgan's JPM Coin processing over $1 billion daily [5].
FV Bank integrating PayPal’s PYUSD, Circle’s USDC, and Tether’s USDT [6].
The entry of regulated entities brings compliance, custody, and settlement capabilities, reducing risks and accelerating enterprise adoption. In 2024, Tether reported $13 billion in profits [7], underscoring the lucrative potential of stablecoins. Payment giants like PayPal, Stripe, and Visa are also integrating stablecoin solutions, intensifying competition with traditional banks.
The Battle for Digital Banking
The report highlights a "war for digital banking" between tokenized deposits and stablecoins, spurred by U.S. regulatory shifts, such as the Office of the Comptroller of the Currency allowing banks to hold stablecoin reserves. Key players include:
PayPal with its PYUSD stablecoin.
Stripe offering stablecoin orchestration services.
Revolut developing its own stablecoin [8].
Banks like Citi (Citi Token Services), Standard Chartered (HKD stablecoin [9]), and Societe Generale (EURCV).
Institutions face a strategic choice: focus on interest income or transaction flows, and decide whether to act as providers or issuers of stablecoins.
Tokenized Assets and Liquidity
Stablecoins are increasingly vital for tokenized real-world assets (RWAs), providing liquidity and stability. Notable examples include:
BlackRock’s BUIDL token, backed by U.S. Treasuries, surpassing $1 billion in assets.
Tokenized treasuries reaching a $4.2 billion market cap.
Ethena’s USDtb, with a $540 million supply, backed by USDC, USDT, and BUIDL [10].
Circle’s Hashnote Tokenized Money Market Fund, integrating USYC with USDC.
This shift from speculative crypto investments to regulated, yield-bearing instruments underscores stablecoins’ growing role in institutional finance.
Regulatory Clarity Fuels Expansion
Regulatory advancements are paving the way for stablecoin growth. In the U.S., Congress is advancing policies to support stablecoin issuance. Bermuda has licensed Circle’s digital asset operations, while the EU’s Markets in Crypto-Assets Regulation (MiCA), effective June 2024, sets clear standards. The UK is developing a similar framework, expected in mid-2026. However, the DTCC notes a split in the EU, with the European Commission promoting stablecoin development while the European Central Bank remains cautious over financial stability concerns.
Clear regulations are critical for scaling operations, reducing risks, and enabling investment in infrastructure that bridges tokenized assets with traditional finance. As the DTCC states, this clarity "drives adoption, allowing firms to invest in technology and infrastructure, which ultimately advances the industry."
Looking Ahead
Industry experts see stablecoins as a sign of the digital asset market’s maturation. “This is a pivotal moment for finance,” said a source familiar with the report, speaking anonymously. With their ability to enable efficient, interoperable transactions, stablecoins could redefine global markets.