According to Standard Chartered’s Global Stablecoin Research Report, stablecoins are evolving from being mere intermediaries in crypto asset trading to becoming innovative settlement tools within the digital financial ecosystem. They are now beginning to integrate into corporate cross-border payments and liquidity management.
The total global issuance of stablecoins has surpassed $320 billion, with total transaction volume exceeding $28 trillion in Q1 2026—a record high for a single quarter.
More importantly, the primary users of stablecoins are shifting from retail traders to corporate treasury teams at multinational companies. Their use cases are expanding from speculative holding to everyday cash management. Today, the core institutional applications include cross-border supplier payments, internal treasury transfers, and cross-market liquidity management.
Why Is RWA Tokenization Seen as the Next Structural Growth Driver in Digital Finance?
As stablecoin infrastructure matures, real-world asset (RWA) tokenization has emerged as the next major narrative in digital finance. Standard Chartered forecasts that by 2028, the market value of tokenized RWAs will reach approximately $2 trillion.
Excluding stablecoins, the total value of on-chain RWAs worldwide has already surpassed $25 billion—nearly a fourfold increase over the past year. According to Boston Consulting Group, the global value of tokenized assets could exceed $16 trillion by 2030.
RWA tokenization and stablecoins form a mutually reinforcing growth cycle. When enterprises hold stablecoin balances on-chain, they naturally seek to keep short-term investments tokenized on-chain as well, enabling real-time switching between liquidity and yield.
What Structural Gap Exists Between USD Stablecoins and Non-USD Stablecoins?
A notable structural feature of the current stablecoin market is the high concentration of currencies compared to the underlying trade system. The US dollar accounts for about 50% of global cross-border payments, but USD stablecoins represent over 98% of the stablecoin market by market cap.
This reveals a roughly 48-percentage-point structural gap in multi-currency allocation within the stablecoin market. Data from Visa and Dune Analytics shows that from January 2023 to February 2026, transaction volume for non-USD stablecoins soared over 1,600%, reaching $1 billion.
The Standard Chartered report identifies three main structural drivers behind rising demand for non-USD stablecoins: accessibility—as a digital alternative in regions with underdeveloped banking systems; speed—24/7 availability reduces cross-time-zone liquidity friction; and stability—rapid settlement shortens risk exposure to highly volatile currencies.
What Structural Factors Are Driving Large-Scale Adoption of Non-USD Stablecoins?
The Standard Chartered report highlights three key structural factors: infrastructure efficiency, consistency of cross-border settlement mechanisms, and regional trade momentum.
Infrastructure efficiency depends on the maturity of blockchain payment channels, custody compliance, and fiat on/off ramps in target markets. Consistency in cross-border settlement refers to alignment of payment regulatory frameworks and anti-money laundering standards across jurisdictions.
Take Taiwan as an example. In Standard Chartered’s "Local Currency Stablecoin Demand Potential Ranking," Taiwan scores 47.8, on par with Singapore and Hong Kong. Taiwanese enterprises play a critical role in supply chains and have ongoing needs for cross-border treasury management, creating favorable conditions for stablecoin adoption.
What Real-World Enterprise Payment Use Cases Have Stablecoins Already Enabled?
In corporate treasury management, stablecoins are primarily used in three core areas: cross-border supplier payments, internal treasury transfers, and cross-market liquidity management. Traditional cross-border settlements typically take two to three business days, while stablecoins can enable near-instant settlement.
According to estimates by the founder of Triple-A, the working capital required for cross-border payments can be reduced to one-tenth of traditional models when using stablecoins. In 2025, stablecoin transaction volume from consumers to merchants is projected to grow by 128% year-over-year.
Even more notable, the share of domestic stablecoin transactions has risen from about 50% in 2024 to nearly 75% in 2026. This shows that stablecoins are evolving from a tool focused on cross-border value transfer to a universal payment infrastructure covering both domestic and international payment scenarios.
How Do Tokenized Deposits Position Themselves in a Two-Tier Monetary System?
Tokenized deposits represent traditional commercial bank deposits in digital form on the blockchain. They remain direct liabilities of the issuing bank and are subject to existing banking regulations. Alongside stablecoins and central bank digital currencies (CBDCs), they form a broader on-chain cash stack within the financial system.
Globally, JPMorgan has launched the Kinexys platform for programmable payments and real-time FX settlement, while BNY Mellon has rolled out tokenized deposit services for collateral management. In Europe, the UK is piloting GBP tokenized deposits for online marketplace payments.
Tokenized deposits offer a "middle ground": they retain the regulatory protections of traditional bank deposits while leveraging blockchain technology for more efficient settlement. However, interoperability remains the biggest challenge for widespread adoption.
How Are Institutional Participation and Regulatory Clarity Reshaping the Trajectory of Stablecoins and RWAs?
The year 2026 is widely regarded as a pivotal turning point for RWA tokenization, driven by the pace of institutional adoption and regulatory clarity. More than half of the world’s top 20 asset management firms plan to launch tokenized products.
Following the enactment of the US GENIUS Act, stablecoin trading volumes have accelerated significantly, with adjusted transaction volume reaching about $4.5 trillion in Q1 2026. In Europe, the MiCA framework is sustaining robust demand for non-USD stablecoins.
In China, regulators have adopted a "open the front door, block the side door" approach, conditionally allowing domestic assets to be issued as asset-backed security tokens overseas and bringing RWAs under the asset securitization regulatory framework. The mutually reinforcing effects of regulatory clarity and institutional participation are propelling stablecoins and RWAs from frontier experimentation to large-scale adoption.
Conclusion
Standard Chartered’s Global Stablecoin Report reveals a rapidly emerging new paradigm in digital finance: stablecoins and RWA tokenization are moving from concept to real-world application, gradually embedding themselves in corporate cross-border payments and liquidity management. In Q1 2026, total stablecoin transaction volume surpassed $28 trillion, with non-USD stablecoin transactions soaring over 1,600%. Stablecoins are evolving into foundational financial infrastructure for enterprise operations, while RWA tokenization is building a broader asset tokenization system atop on-chain cash. The synergy between institutional adoption and regulatory clarity is driving the digital financial system from the margins to mainstream adoption. The convergence of stablecoins and RWAs is redefining the settlement logic of the global financial system.
FAQ
Q: What are the latest global stablecoin market figures according to the Standard Chartered report?
The global issuance of stablecoins has exceeded $320 billion, with total transaction volume surpassing $28 trillion in Q1 2026—a record high for a single quarter. (Data as of May 15, 2026)
Q: How large is the market share gap between USD stablecoins and non-USD stablecoins?
USD stablecoins account for over 98% of the market by value, while the US dollar represents about 50% of global cross-border payments, leaving a structural gap of approximately 48 percentage points.
Q: What is the projected market size for RWA tokenization?
Standard Chartered forecasts that by 2028, the market size for tokenized RWAs will reach around $2 trillion. Currently, on-chain RWAs (excluding stablecoins) have surpassed $25 billion.
Q: What are the main enterprise use cases for stablecoins in payments?
There are three primary categories: cross-border supplier payments, internal corporate treasury transfers, and cross-market liquidity management.
Q: What initiatives has Standard Chartered undertaken in the RWA and stablecoin space?
Through SC Ventures, Standard Chartered has incubated Libeara (which now supports over $1 billion in on-chain assets) and made strategic investments in GSR to accelerate the scaling of digital asset infrastructure.
