Bain & Company: Stablecoin Surge to Reshape Global Finance

Stablecoins are rapidly becoming one of the fastest-growing forces in global finance.

According to Bain & Company, the supply of these digital cash instruments could increase by as much as 12-fold by 2030 – showcasing a profound shift in how money moves across borders and between institutions.

For banks, this marks the beginning of what Bain describes as a “great rewiring of wholesale banking”, where stablecoins and tokenised deposits move from experimental tools to critical infrastructure underpinning global liquidity.

From hype to infrastructure

Bain’s latest research, first and foremost, emphasises the role of stablecoins and how that has evolved in recent years. 

Initially developed to support crypto trading, stablecoins are now gaining traction among banks and multinational corporates looking to address long-standing inefficiencies in global payments and treasury operations.

Use cases are already emerging across foreign exchange, collateral management and corporate treasury, where speed, programmability and continuous availability offer clear advantages over legacy systems.

“This is not just about faster payments, it is becoming a strategic question of control over how money moves through the global financial system,” says Ricardo Correia, a partner in Bain & Company’s Financial Services practice. 

“As stablecoin adoption accelerates, banks are facing a narrowing window to decide where to play. 

“Those that move early will help shape the emerging settlement networks, while those that delay risk operating on infrastructure defined by others.”

Addressing systemic inefficiencies in banking

Bain’s analysis shines a light on just how deeply embedded inefficiencies in banking are. 

Fragmented foreign exchange markets, delayed settlement cycles and the need for pre-funded accounts are all factors that create friction in cross-border transactions.

Bain’s research shows that 34% of CFOs identify cross-border complexity as a leading challenge, highlighting the demand for more efficient alternatives.

Stablecoins and tokenised deposits offer a solution by enabling near-instant, programmable transfers of value that can operate continuously across time zones.

Because of the ability to reduce delays and enable faster reuse of capital, stablecoins and tokenised deposits can unlock trapped liquidity, improve capital efficiency and reduce operational complexity for financial institutions.

Strategic priorities for banks

Bain argues that the rise of stablecoins presents an immediate strategic imperative for banks. 

The focus should be on high-friction areas where digital money can deliver tangible improvements, particularly in cross-border foreign exchange, collateral management and treasury functions.

At the same time, institutions must invest in the foundations required to support adoption, including compliance frameworks, data integration and operational infrastructure.

The report also draws attention to regulatory considerations – such as sanctions screening and transaction monitoring – which it says remain a key barrier, especially in cross-border contexts.

In response, it recommends a phased approach, with pilot programmes and targeted deployments preceding broader participation in emerging networks.

So, what’s next? Rather than replacing traditional banking infrastructure, stablecoins are expected to complement it. 

Bain describes the future as a “two rails, one system” model, where digital and traditional financial systems operate in parallel, enabling seamless movement of capital between them.

This approach, it says, will require banks to embed digital asset custody into existing risk frameworks while investing in blockchain connectivity and real-time reconciliation between on-chain transactions and internal ledgers.

“As stablecoin supply and use scales, institutions’ early participation in these networks will increasingly determine where value accrues in the next generation of wholesale banking,” Ricardo says.

A milestone for banking

Bain’s report makes it crystal clear that stablecoins are now far from the financial system’s periphery.

As adoption accelerates and supply expands, they are set to play a central role in shaping the future of wholesale banking.

It emphasises that for financial institutions, the opportunity and urgency is significant.

Those that move early will not only capture efficiency gains, but also help define the infrastructure that underpins global finance for years to come.