全球穩定幣支付與清算市場：2026 年

到 2026 年，在機構投資者和金融機構的採用、跨境支付和監管發展的推動下，穩定幣支付基礎設施預計將會擴大。

主要亮點

• 到 2025 年，監管的不確定性將成為穩定幣普及的最大障礙，其次是會計處理缺乏清晰度和營運複雜性。
• 儘管預計到 2025 年全球穩定幣的年交易量將達到約 80 兆美元，但終端用戶實際支付的金額估計約為 3,900 億美元。
• 業內相關人員預測，到 2030 年，全球穩定幣市場規模將達到 8,800 億美元至 4 兆美元之間，具體數值取決於不同的採用情況。

商業支付領域的應用正在不斷擴大。

隨著金融機構、商家和支付服務提供者在跨境交易、基金管理、支付和數位商務中擴大穩定幣的使用，穩定幣在公司間支付的應用尤為廣泛。

機構投資者正在推動市場發展。

銀行和支付服務提供者繼續透過付款管道、代幣化支付和策略合作投資穩定幣基礎設施，但區域採用率反映了市場優先事項和監管方法的差異。

在製定法規結構正在取得進展。

世界各國政府正在加強對穩定幣發行機構的法律規範，提高儲備透明度，並強化風險管理。同時，穩定幣、代幣化存款和央行數位貨幣正作為互補要素不斷發展，共同構成未來的數位支付基礎設施。

本報告檢視了全球穩定幣支付和清算市場，概述了其發展過程、基礎設施生態系統、經營模式、市場規模趨勢和預測、市場影響因素分析、區域趨勢、競爭格局和未來展望。

目錄

第1章要點

第2章 管理概要

第3章：全球穩定幣市場概覽

• 穩定幣的演變：從數位資產到支付和清算基礎設施。
• 穩定幣生態系概述
• 推動穩定幣普及的關鍵因素
• 數位貨幣市場中穩定幣的現狀

第4章：全球穩定幣市場及基礎建設生態系的發展

• 穩定幣及主要穩定幣的市值
• 穩定幣市場規模及預期成長情景
• 穩定幣交易量：依交易量類別分類
• Tether、Circle 和其他穩定幣發行方在穩定幣市場的佔有率分配
• 穩定幣的類型和製備結構
• 發卡機構、託管機構、錢包提供者、支付處理機構、流動性提供者
• 穩定幣支付功能架構
• 支援穩定幣交易的支付和編配基礎設施。
• 亞太地區：支持穩定幣支付和支付生態系統的企業基礎設施

第5章：全球穩定幣的經濟學與經營模式

• 穩定幣發行方的收入模式
• 穩定幣儲備管理與發行方經濟學
• 與傳統支付基礎設施相比，成本結構
• 支持穩定幣經營模式永續性的因素

第6章：全球穩定幣與傳統支付基礎設施

• 穩定幣與傳統跨境支付基礎設施的比較
• ACH網路與穩定幣支付基礎設施
• 穩定幣和即時支付系統
• 穩定幣和SEPA即時結算網路
• 基於營運特徵的穩定幣與傳統支付基礎設施比較

第7章：穩定幣在全球支付與支付處理的應用

• 年度穩定幣交易量：依交易類別分類
• 穩定幣採用率：按支付領域分類
• 穩定幣年度結算量細分：依交易類別構成比
• 跨境B2B穩定幣交易量
• 使用穩定幣進行工資和匯款支付
• 年度穩定幣結算量：依地區分類
• 美國：接受加密貨幣支付的商家比例
• 美國：以企業規模分類的接受加密貨幣支付的商家比例
• 美國：商家報告採用加密貨幣支付的好處。
• 美國：使用穩定幣進行零售支付交易量的預測

第8章：全球機構對穩定幣的採用及區域市場趨勢

• 銀行和金融機構正在擴展穩定幣基礎設施
• 支付服務提供者和PSP的穩定幣相關舉措
• 穩定幣基礎設施在支付生態系統的合作
• 在商業交易和金融服務中引入穩定幣
• 支援國際業務營運的穩定幣財務管理功能
• 將穩定幣整合到商業支付基礎設施中
• 跨境支付系統的案例研究和實際應用。
• 未來五年內，穩定幣的主要用途將備受關注
• 亞太地區：跨境支付基礎建設中的穩定幣策略
• 亞太地區：韓國和印度的數位貨幣策略
• 新加坡：面向機構的穩定幣基礎設施和代幣化金融
• 中東：為機構開發穩定幣支付基礎設施
• 中東：面向機構的數位金融基礎設施和代幣化
• 拉丁美洲：跨境支付和金融業務中穩定幣的採用
• 非洲：推動跨國支付市場採用穩定幣的因素
• 非洲：支持穩定幣支付和結算處理的金融機構和支付基礎設施。

第9章：數位商務中的穩定幣

• 接受會員商店並實現商業交易
• 商家接受穩定幣支付的經濟可行性
• 支持跨境電子商務的穩定幣
• 數位商務平台擴展穩定幣支付功能。

第10章：全球穩定幣、代幣化存款與數位貨幣模型

• 穩定幣、代幣化存款、基於區塊鏈的支付模式
• 商業銀行在貨幣代幣和存款代幣方面的努力
• 穩定幣與央行數位貨幣的比較
• 穩定幣、央行數位貨幣和代幣化貨幣系統中的可程式貨幣基礎設施

第11章：全球穩定幣的監管與風險

• 穩定幣和數位支付基礎設施的監管方法
• 儲備透明度和風險管理框架
• 穩定幣引入的主要組織障礙
• 實施方面的主要風險和局限性
• 美國：穩定幣支付政策趨勢
• 歐洲：MiCA 和穩定幣監管

第12章：全球穩定幣的競爭格局

• USDT、USDC 和 PYUSD 結算穩定幣舉措
• 支持穩定幣的支付基礎設施提供商
• 在穩定幣生態系統中的策略定位

第13章：全球穩定幣的未來前景

• 穩定幣在支付領域的未來作用
• 穩定幣、央行數位貨幣（CBDC）和代幣化支付基礎設施的未來角色。
• 對跨境交易基礎設施的長期影響

Stablecoin Payment Infrastructure Expands Through Institutional Adoption, Cross-Border Settlement, and Regulatory Development in 2026

Key Highlights

• Regulatory uncertainty is the leading barrier to stablecoin adoption, followed by accounting clarity and operational complexity in 2025.
• Annual stablecoin transaction activity globally totaled approximately USD 80 trillion in 2025, while estimated end-user payment activity represented around USD 390 billion
• Global stablecoin market value is projected by industry sources to reach between USD over 880 billion and nearly USD 4 trillion by 2030 under alternative adoption scenarios.

Commercial Payment Adoption Broadens

Stablecoins continue gaining traction across business payments as financial institutions, merchants, and payment providers expand their use in cross-border transactions, treasury management, settlement, and digital commerce.

Institutional Investment Supports Market Development

Banks and payment providers continue investing in stablecoin infrastructure through payment platforms, tokenized settlement, and strategic partnerships, while regional adoption reflects different market priorities and regulatory approaches.

Regulatory Frameworks Continue Maturing

Governments continue advancing regulatory oversight, reserve transparency, and risk management for stablecoin issuers. Meanwhile, stablecoins, tokenized deposits, and central bank digital currencies are increasingly being developed as complementary components of future digital payment infrastructure.

Table of Contents

1. Key Takeaways

2. Management Summary

3. Global Stablecoin Market Overview

• Global: Evolution of Stablecoins from Digital Assets to Payment and Settlement Infrastructure, June 2026
• Global: Stablecoin Ecosystem Overview, July 2026
• Global: Key Drivers of Stablecoin Adoption, July 2026
• Global: Stablecoins Within the Broader Digital Money Landscape, June 2026

4. Global Stablecoin Market Development & Infrastructure Ecosystem

• Global: Stablecoin Market Capitalization and Leading Stablecoins, July 2026
• Global: Stablecoin Market Size and Estimated Growth Scenarios, in USD billions, 2020 - 2025 & 2030f
• Global: Stablecoin Transaction Activity by Volume Category, in USD trillion, 2025
• Global: Distribution of Stablecoin Market Share Between Tether & Circle, and Other Issuers, in %, 2026
• Global: Stablecoin Types and Reserve Structures, July 2026
• Global: Issuers, Custodians, Wallet Providers, Payment Processors, and Liquidity Providers, July 2026
• Global: Stablecoin Payment Functional Architecture, June 2026
• Global: Settlement and Orchestration Infrastructure Supporting Stablecoin Transactions, June 2026
• Asia-Pacific: Enterprise Infrastructure Supporting Stablecoin Payment and Settlement Ecosystems, July 2026

5. Global Stablecoin Economics & Business Models

• Global: Revenue Models of Stablecoin Issuers, July 2026
• Global: Stablecoin Reserve Management and Issuer Economics, June 2026
• Global: Cost Structures Compared to Traditional Payment Infrastructure, July 2026
• Global: Factors Supporting Stablecoin Business Model Sustainability, July 2026

6. Global Stablecoin and Traditional Payment Infrastructure

• Global: Stablecoins vs Traditional Cross-Border Settlement Infrastructure, June 2026
• Global: ACH Networks and Stablecoin Payment Infrastructure, July 2026
• Global: Stablecoins and Real-Time Payment Systems, July 2026
• Global: Stablecoins and SEPA Instant Payment Networks, July 2026
• Global: Stablecoins & Traditional Payment Infrast. Compared Across Operational Characteristics, June 2026

7. Global Stablecoins in Payments & Settlement

• Global: Annualized Stablecoin Payment Volumes by Payment Category, in USD billion, 2025
• Global: Stablecoin Payment Penetration by Payment Segment, in %, 2025
• Global: Share of Annualized Stablecoin Payment Volume by Transaction Category, in %, 2025
• Global: Cross-Border B2B Stablecoin Transaction Value, in USD billions, 2026 & 2035f
• Global: Stablecoin Payroll and Remittance Payments, in USD trillion, 2025
• Global: Origin of Annualized Stablecoin Payment Volumes by Region, in USD billion, 2025
• U.S.: Share of Merchants Accepting Cryptocurrency Payments, in %, 2026
• U.S.: Share of Merchants Accepting Cryptocurrency Payments by Company Size, in %, 2026
• U.S.: Reported Benefits of Accepting Cryptocurrency Payments Among Merchants, in %, 2026
• U.S.: Projected Stablecoin-Enabled Retail Payment Volumes, in USD billion, 2026f - 2030f

8. Global Stablecoin Institutional Adoption & Regional Market Developments

• Global: Banks and Financial Institutions Expanding Stablecoin Infrastructure, June 2026
• Global: Payment Providers and PSP Stablecoin Initiatives, June 2026
• Global: Stablecoin Infrastructure Partnerships Across Payment Ecosystems, June 2026
• Global: Stablecoin Adoption Across Commerce and Financial Services, June 2026
• Global: Stablecoin Treasury Capabilities Supporting International Business Operations, June 2026
• Global: Stablecoin Integration Across Commercial Payment Infrastructure, June 2026
• Global: Cross-Border Settlement Deployments and Operational Implementations, June 2026
• Global: Top Stablecoin Use Cases of Interest Over the Next Five Years, in % of Surveyed Organizations, 2025
• Asia-Pacific: Stablecoin Strategies for Cross-Border Payment Infrastructure, July 2026
• Asia-Pacific: Digital Money Strategies in South Korea and India, July 2026
• Singapore: Institutional Stablecoin Infrastructure and Tokenized Finance, July 2026
• Middle East: Institutional Stablecoin Payment Infrastructure Development, July 2026
• Middle East: Institutional Digital Financial Infrastructure and Tokenization, July 2026
• Latin America: Stablecoin Adoption Across Cross-Border Payments and Treasury Operations, July 2026
• Africa: Stablecoin Adoption Drivers Across Cross-Border Payment Markets, July 2026
• Africa: Financial Institutions & Payment Infrastructure Supporting Stablecoin Payments & Settlement, July 2026

9. Global Stablecoins in Digital Commerce

• Global: Merchant Acceptance and Commerce Enablement, July 2026
• Global: Merchant Economics of Stablecoin Payments, July 2026
• Global: Stablecoins Supporting Cross-Border E-Commerce, July 2026
• Global: Digital Commerce Platforms Expanding Stablecoin Payment Capabilities, July 2026

10. Global Stablecoins, Tokenized Deposits & Digital Money Models

• Global: Stablecoins, Tokenized Deposits, and Blockchain-Based Settlement Models, June 2026
• Global: Commercial Bank Money Tokens and Deposit Token Initiatives, June 2026
• Global: Stablecoins Compared with Central Bank Digital Currencies, June 2026
• Global: Programmable Money Infrast. Across Stablecoins, CBDCs, and Tokenized Money Systems, June 2026

11. Global Stablecoins Regulation & Risk

• Global: Regulatory Approaches Toward Stablecoins and Digital Settlement Infrastructure, June 2026
• Global: Reserve Transparency and Risk Management Frameworks, July 2026
• Global: Top Organizational Barriers to Stablecoin Adoption, in % of Surveyed Organizations, 2025
• Global: Key Risks and Adoption Constraints, June 2026
• U.S.: Payment Stablecoin Policy Developments, June 2026
• Europe: MiCA and Stablecoin Regulation, June 2026

12. Global Stablecoin Competitive Landscape

• Global: USDT, USDC, and PYUSD Payment Stablecoin Initiatives, July 2026
• Global: Payment Infrastructure Providers Supporting Stablecoins, June 2026
• Global: Strategic Positioning Across Stablecoin Ecosystems, June 2026

13. Global Stablecoin Future Outlook

• Global: Future Role of Stablecoins in Payments and Settlement, June 2026
• Global: Future Role of Stablecoins, CBDCs, and Tokenized Settlement Infrastructure, June 2026
• Global: Long-Term Implications for Cross-Border Transaction Infrastructure, June 2026