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1、WHITE PAPERStablecoinsFive killer tests to gauge their potentialMay 2025By Kunal Jhanji,Kaj Burchardi,Yue Hong Zhang,Carlos Bravo,Teddy Hung,Bernhard Kronfellner,Humza Samad1 STABLECOINS:FIVE KILLER TESTS TO GAUGE THEIR POTENTIAL1.A16z,State of Crypto Report 2024,October 2024.2.Visa Onchain Analytic

2、s Dashboard.3.Ibid.,BCG analysis.4.Defined as the quantity or number of stablecoin transactions in 2024.5.Market cap as per March 2025.Stablecoins are having a breakout moment,with economic,strategic,and regulatory fundamentals driving adoption.Five killer tests can help market participants gauge th

3、eir long-term potential.Imagine an economy powered by internet-based money,in which near-instant payments cost a fraction of todays prices,in which AI agents act autonomously to shop online and invest,and in which complex treasury operations can be vibe coded for automation.This is the brave new wor

4、ld powered by stablecoins,once only touted by digital evangelists but now seemingly on the brink of a breakout year.In that context,the urgent task for financial indus-try leaders is to gauge whether there are significant opportunities and if so,how they can add value in fast-evolving landscape.The

5、fintech mantra for 2025 is that“stablecoins have found product-market fit,”according to Silicon Valley venture capital firm Andreessen Horowitz.1 Indeed,by the end of 2024,stable-coins had a market cap of more than$210 billion,amid 57%year-on-year growth and trans-action volumes that hit an astonish

6、ing$26.1 trillion.2 While the vast majority of volumes were related to crypto trading and decentralized finance(DeFi),we estimate that 5-10%still an impressive$1.3 trillionwere genuine payments transactions in activities such as cross-border remittances,corporate treasury,and retail in geographies i