A recent Financial Times report highlights a significant surge in financial institutions, including major banks and fintech companies, entering the stablecoin market. This "stablecoin gold rush" is fueled by the ambition to capture a share of the cross-border payment market, which cryptocurrencies are expected to reshape. This trend comes as regulatory environments become clearer, with the U.S. Congress discussing legislation, the European Union implementing regulations, and the UK planning market consultations.
Globally, approximately $210 billion in stablecoins have been issued. Tether leads the market with about $142 billion in USDT, while Circle holds about $57 billion in USDC. According to Visa data, stablecoin transaction volume has notably increased from $521 billion to $710 billion year-over-year, and the number of unique stablecoin addresses has grown by 50% to 35 million in the same period.
Several prominent entities are already involved or showing interest. Bank of America has expressed openness to issuing its own stablecoin, joining payment service providers like Standard Chartered, PayPal, Revolut, and Stripe. Furthermore, a consortium including Stripe, Visa, BlackRock, and over 140 other businesses announced in June 2026 their plan to launch a new stablecoin called Open USD (OUSD), signaling a direct challenge to established players like Tether and Circle.
Analysts like Simon Taylor of 11:FS attribute this rush to a "fear of missing out" and the substantial real trading volume in the market. Martin Mignot of Index Ventures notes the attractiveness of stablecoins in markets with poor infrastructure or liquidity and significant currency risk. However, analysts also warn that the market might not sustain dozens of stablecoins, as users will increasingly scrutinize the credit risk and operational management capabilities of issuing companies, emphasizing that stablecoins are substitutes for cash, not actual cash.
