Stablecoins are moving fast from concept to reality in payments. With a stable $250 billion market cap as of June 2025 and annual transaction volumes exceeding $27 trillion – more than Visa and Mastercard combined – stablecoins are no longer fringe tech. In fact, many financial institutions (around 49%) are already using stablecoins for payments, and another 23% are piloting integrations. But has merchant demand reached the point where acquirers should integrate such a flow and ride the stablecoin train?
Why stablecoins?
Stablecoins are blockchain-based currencies designed to hold a steady value by pegging to real-world assets such as fiat currencies, like US dollar, or gold. That stability removes the volatility that makes other cryptocurrencies risky for everyday transactions. But stability is just one part of the story. For merchants, especially in fast-moving or high-volume industries, stablecoins bring a lot more benefits that are hard to match:
Stability: no price swings like with other cryptocurrencies, making settlement values predictable.
Speed: instant settlement in minutes with 24/7 availability.
Lower costs: reduced transaction fees, sometimes close to zero, compared to card schemes or cross-border bank transfers.
Borderless reach: anyone with a crypto wallet can transact globally.
Chargeback immunity: payments are final and irreversible, reducing chargebacks and fraud risks.
Transparency: blockchain gives full traceability as every transaction is recorded there, making reconciliation and audits easier.
But not everything is as perfect as it may seem. There are quite a few challenges to consider before jumping into stablecoins:
Depegging risk: even well-known stablecoins can temporarily lose their 1:1 peg to the underlying asset, creating potential settlement losses. Acquirers and banks can help mitigate this by offering fiat settlement for stablecoin payments or by working only with regulated, transparent issuers.
Regulatory uncertainty: not every market has a clear framework for stablecoin use in payments, making compliance riskier for acquirers and merchants.
Operational complexity: accepting and settling stablecoin transactions requires new reconciliation processes, wallet management, and secure custody solutions.
Licensing requirements: in regions with regulations, merchants and acquirers may need new licences or approvals to handle stablecoin transactions.
Liquidity limitations: not all stablecoins have deep liquidity in every market, leading to possible delays or higher conversion costs.
Constant change in the stablecoin ecosystem: issuers, supported chains and token standards can shift quickly, forcing acquirers to adapt their systems and processes often.
Irreversible transactions: while this reduces chargebacks, it also means errors or accidental payments can’t be easily reversed, creating a different kind of dispute risk.
Industry use cases
While stablecoins can benefit a wide range of industries, two sectors are already showing strong interest.
iGaming
In iGaming, the speed and certainty of payments are critical for both the business and players. Stablecoins allow:
- Instant deposits and withdrawals so players can start or cash out without waiting for bank delays.
- No chargebacks, which significantly reduces fraud-related losses.
- Wider market reach, giving operators access to players in regions underserved by traditional banking or card networks.
- Improved player satisfaction thanks to a faster and more reliable payment experience which helps build trust and player retention in such a competitive market.
Forex and Trading Platforms
For online trading environments, timing and cost control are everything. Stablecoins offer:
- Real-time account funding so traders can react instantly to market opportunities.
- Reduced FX exposure and costs by funding directly in USD-pegged stablecoins, avoiding unnecessary conversions.
- 24/7 cross-border capability, enabling funding and withdrawals outside traditional banking hours.
- Potential for innovative services, such as offering yield on idle balances, which could attract and retain active traders.
Opportunity is knocking
Is demand really there yet? In certain industries, the answer is a clear yes. Crypto-native businesses, online gaming platforms, and trading businesses are already integrating stablecoins into their payment flows. According to Visa CEMEA, more than $225 million in stablecoin settlements have already been processed through partner acquirers, proving that real volumes are moving. Visa also supports multiple stablecoins, including USDC, euro-backed EURC, PayPal USD (PYUSD), and USDG across blockchains like Ethereum, Solana, Stellar, and Avalanche – showing that the world’s largest payment networks are actively building the rails for future adoption. Once those rails are in place, scaling is far easier for merchants and acquirers alike.
That said, the enthusiasm isn’t universal. Most mainstream retailers are still sticking with card payments, largely because they value built-in consumer protections, the ability to reverse charges, and the familiarity that customers have with card checkout. Mastercard estimates that around 90% of current stablecoin activity is still linked to crypto trading, not everyday commerce. For most retail sectors, the era of stablecoin acceptance is still seen as “next” rather than “now.”
However, that gap may close sooner than many expect. New regulations are beginning to give stablecoin payments a clearer legal framework. In the U.S., the proposed GENIUS Act could standardise oversight, while in Europe, the Markets in Crypto-Assets (MiCA) regulation creates a defined licensing regime for stablecoin issuers and related service providers. This clarity is essential for acquirers and merchants. Without it, integrating stablecoins remains a compliance risk.
Bottom line for acquirers
For acquirers, stablecoins are both an opportunity and a challenge. On one hand, they promise faster settlements, 24/7 cross-border capabilities, transparency and cost savings that could appeal to merchants in certain industries. On the other, adoption is still uneven, regulation is in flux, and consumer usage outside of crypto-native circles remains limited.
The potential is real, especially as regulatory clarity improves and large networks like Visa and Mastercard continue building infrastructure to support stablecoin transactions. But timing matters. Moving too soon risks investing in something that’s not yet widely demanded. Moving too late risks missing a competitive edge.
At PAYSTRAX, we’re keeping a close eye on the developments. That’s why we’re exploring how to do it in a way that delivers real value for our merchants, without compromising compliance, security or the payment experience. Stay tuned for the updates or Contact us to learn more.