Stablecoins: Unpacking the Future of Digital Currency
Originally published by OCBC Global Markets Research (FX Thoughts) on July 24, 2025.
This OCBC research report surveys the stablecoin landscape as the market approaches ~US$268 billion in capitalization, with 2024 transaction volumes estimated between US$5.5 trillion (Visa, Allium) and US$26.1 trillion (BCG) depending on methodology. It examines design models (fiat-, crypto-backed, algorithmic, and hybrid), rising digital-dollarization risks in emerging economies, and the evolving regulatory response across MiCA, the GENIUS Act, and licensing regimes in Hong Kong, the UK, and Singapore.