The Stablecoin Ledger This Week: Circle’s IPO, Cross-Border Banking, Monetary Risks

Not long ago, the term stablecoin lived mostly in crypto chatrooms and blockchain white papers. Today, it’s increasingly being discussed at financial summits, boardrooms of global tech giants and even in the halls of the U.S. Congress.

In the arc of the blockchain sector’s maturation, if bitcoin was the rebel in a hoodie, stablecoins are the FinTech pros in tailored suits. Tethered to fiat currencies like the U.S. dollar, they aim to bring the speed and borderless nature of crypto with the reliability and predictability of traditional money.

Now, banks, payment providers and Big Tech firms are racing to embrace, or at least to understand, how stablecoins might streamline operations, unlock new markets and even reshape macroeconomic structures.

At least, that’s the industry direction the news this week was pointing toward.

Read more: Customer Needs Remain North Star for Stablecoin Payment Innovation

From Fringe to Functional: Why Stablecoins Are Booming

Many challenges remain, including U.S. regulation and integration hurdles. But there has been no clearer sign thus far that, in 2025, stablecoins are moving into the mainstream than the Thursday (June 5) news that Circle Internet Financial, the issuer of the USDC stablecoin, made its public listing on the New York Stock Exchange.

Priced at $31 per share, Circle’s stock surged to close at $83.23 on its first day, tripling its value and signaling robust investor confidence in the future of regulated digital assets. As of reporting on Friday (June 6), Circle’s share price was up to $111.

What’s powering the rise? Among the key uses cases beyond crypto market trading, cross-border transactions may top the list from a proof-of-concept standpoint.

For instance, BVNK and LianLian Global have partnered to facilitate stablecoin-powered cross-border payments. Merchants can deposit stablecoins, which are then automatically converted to U.S. dollars and routed through LianLian’s extensive network, significantly reducing settlement times from days to minutes.

Similarly, Uber is exploring the use of stablecoins for international money transfers. CEO Dara Khosrowshahi highlighted their potential to reduce costs and improve efficiency in cross-border transactions, making them an attractive option for global operations.

PYMNTS covered how small banks can often face challenges in offering competitive cross-border payment services due to reliance on intermediaries and outdated infrastructure. Stablecoins and digital wallets offer a solution by enabling faster, lower-cost and more transparent international transactions.

Beyond consumer payments, stablecoins are making inroads into B2B transactions. As of early 2025, B2B stablecoin transactions accounted for $36 billion, surpassing peer-to-peer and card-linked uses.

The appeal lies in the speed, cost-efficiency and stability stablecoins can offer, particularly in regions where traditional banking systems are less reliable. In Latin America and Africa, businesses are leveraging stablecoins to sidestep currency devaluation and cross-border delays, replacing cumbersome wire networks with faster, more efficient alternatives.

See also: Making Stablecoins ‘Grandma-Friendly’

Institutional Adoption and Regulatory Developments

Large and global financial institutions are also eyeing the potential of stablecoins. Deutsche Bank, for example, is exploring the use of stablecoins and tokenized deposits.

Even mainstream consumer-facing platforms are joining the conversation. Airbnb is reportedly engaging in pilot discussions. And Apple and Google Cloud, while not launching tokens themselves, are participating in early-stage forums around how stablecoins might integrate with their cloud payment services.

On the regulatory front, the U.S. government is moving toward establishing a framework for these digital currencies. Legislation under consideration would require stablecoins to be backed by liquid assets like U.S. dollars and Treasury bills, enhancing their legitimacy and potentially increasing demand for government debt.

In this model, money isn’t just a medium of exchange — it becomes a piece of software for business transactions.

Read also: Going From Zero to Crypto: How Banks and PSPs Can Approach Stablecoins

The Road Ahead

But the potential of this currency comes with equally sizable risk. As stablecoin issuers hold substantial amounts of U.S. Treasuries, their growth could influence demand and volatility in the Treasury market.

From banks to Big Tech, from Capitol Hill to Lagos, the question is no longer whether stablecoins matter — it’s how to build, regulate and scale them responsibly.

They have potential to be neither hype nor panacea, but rather a bridge — between old money and new, between local markets and global liquidity.