Stablecoins are gaining traction as an alternative payments rail, with transaction volume nearing $1 trillion in July 2025. That’s forcing traditional payment firms and fintechs to rethink their role in a world where money can move faster, cheaper, and 24/7.
Here are the winners, accd to BofA:
Consumers and businesses stand to gain the most from faster settlement, lower fees, and easier cross-border transfers.
PayPal has an early-mover advantage with its PYUSD stablecoin, new crypto checkout service, and partnerships extending its reach.
Block continues its all-in approach to digital assets, with Cash App and Square positioned to accept stablecoins as easily as dollars.
SoFi could benefit from its banking license, giving it flexibility to issue a stablecoin and build new blockchain-based services.
The incumbents adapting:
Visa and Mastercard see stablecoins as just another payment rail. Both are embedding stablecoin services into their networks, positioning themselves as infrastructure providers rather than competitors.
American Express is exploring use cases in cross-border business payments but is less exposed, since FX revenue is a smaller part of its business.
The potential losers:
Corpay, which relies heavily on cross-border B2B payments, could see pressure if stablecoins eat into its market. Still, the firm is hedging with its own partnerships to stay relevant.
“We believe the near-to-medium term risk to Corpay is quite limited given its own stablecoin partnerships / offerings and the need to convert stablecoins to fiat,” analysts said.
Traditional FX providers more broadly risk losing economics if conversion shifts away from their platforms, since the biggest value lies in currency conversion, not moving funds.
“We do view stablecoins as an additional payment rail that most incumbents will have to adapt and offer,” analysts at BofA said.
Stablecoins aren’t replacing fiat anytime soon. But they’re becoming an unavoidable part of the payments landscape, a new rail that everyone from card networks to fintechs must plug into, or risk being left behind.
Source :
https://www.investing.com/news/cryptocurrency-news/the-winners-and-losers-of-stablecoins-according-to-bofa-4218246
