Stablecoins are evolving beyond being a mere tool for the cryptocurrency market, emerging as a cornerstone of global financial infrastructure. According to a report by Bain & Company, their supply could grow up to 12-fold by 2030, rising from the current ~$230 billion to as much as $2.7 trillion. This trajectory presents banks with an urgent need to define their role in a rapidly shifting ecosystem of monetary flows.
From Speculation to Liquidity Management
Bain identifies this process as an impending pivotal shift in corporate and institutional banking. Stablecoins and tokenized deposits are already becoming integral to the global financial system, quickly evolving from speculative instruments into essential tools for liquidity management. Consequently, experts at Bain note that the question is no longer if they will matter, but how and when banks should begin to act.
Initially used primarily for crypto trading, stablecoins are increasingly finding applications in the “real economy.” Banks and multinational corporations are utilizing them to mitigate inefficiencies in global financial flows—specifically in areas such as foreign exchange (FX), collateral management, and treasury operations.
Overcoming Structural Inefficiencies
Despite progress, significant inefficiencies remain. Fragmentation in currency markets, settlement delays, and the requirement for pre-funding liquidity continue to hamper financial flows. Bain’s experts point out that frictions in corporate banking—including high volumes of “trapped” capital, persistent risk exposures, and operational complexity intensified by time zone differences—create a major opportunity for stablecoins.
These “always on” digital instruments can be transferred instantly across borders with fewer structural barriers. Notably, Bain’s research reveals that 34% of CFOs cite the complexity of cross-border transactions as a primary pain point.
Stablecoins and tokenized deposits offer a compelling alternative:
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Near-instant, programmable transfers of value.
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24/7 cross-border functionality.
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Enhanced capital recycling, which improves financial efficiency and reduces the need for pre-funded liquidity.
“This is no longer just a matter of faster payments. What is at stake is control over how money flows through the global financial system,” says Marta Szostak, Junior Partner at Bain & Company. “As stablecoins gain popularity, banks have less time to decide what role they want to play. Early movers will help co-create the new standards; the rest may be forced to operate within rules set by others.”
Strategic Priorities for Banks
The pace of adoption will depend on regulatory and operational factors. Compliance requirements—such as sanctions screening and transaction monitoring—remain significant challenges, particularly in a cross-border context. Therefore, initial implementations will likely focus on high-barrier areas like FX settlements and corporate finance.
Bain outlines four key priorities for banks facing the growth of the stablecoin market:
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Target high-friction use cases with the greatest potential for liquidity improvement.
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Invest early in compliance, data, and operational infrastructure.
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Test specific applications before pursuing further scaling.
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Approach self-issued stablecoins with caution, moving forward only when there is sufficient scale and demand.
Navigating the Regulatory Landscape
“As the worlds of digital and traditional finance merge, banks will need to operate in both environments simultaneously. Stablecoins won’t replace existing infrastructure—rather, they will complement it,” observes Szostak.
However, she warns that enthusiasm must be tempered with operational realism. While the EU’s MiCA regulation has established a framework for issuers, it does not yet address interoperability between different blockchains or how stablecoins will coexist with the planned digital euro.
For Polish banks, a significant unknown remains the lack of clear signals from the Polish Financial Supervision Authority (KNF) regarding expectations for institutions wishing to issue their own tokens or participate actively in the market.
The “Clock is Ticking”
The shift requires integrating new solutions with existing risk management systems, including digital asset custody, blockchain connectivity, and real-time settlement capabilities.
“In Poland, we recently saw the launch of a PLN-pegged stablecoin, licensed under MiCA and distributed via a global bank’s platform, yet no domestic institution has publicly defined its position. This isn’t a criticism; it’s a clock,” concludes Marta Szostak. “Banks that are the first to define their operating model in this ecosystem will co-create its rules. The rest will simply have to adapt to them.”
