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William Blair: Stablecoins Set to Redefine Cross-Border Payments, With Circle and Coinbase Leading the Charge
Stablecoins are on the verge of reshaping how money moves around the world, according to investment bank William Blair, which described them as a “major technological leap” over the traditional systems that have long powered global finance.
In a Tuesday research note, the Chicago-based firm said stablecoins are faster, cheaper, and more transparent than conventional rails, allowing round-the-clock settlement without foreign-exchange friction or reliance on multiple intermediaries.
“Legacy payment systems remain slow, expensive, and fragmented,” the report said. “Stablecoins represent a generational infrastructure upgrade.”
William Blair expects stablecoins to gain traction first in business-to-business and institutional flows before expanding into consumer use cases. The firm also highlighted that clarity from initiatives like the GENIUS Act could mark the start of a “golden age of stablecoin commerce.”
Among key beneficiaries, Circle (CRCL) — issuer of the USDC stablecoin — and Coinbase (COIN) stand out for their central roles in the ecosystem. Both could see sustained growth as stablecoin settlement volumes rise and corporate adoption accelerates.
Still, the firm cautioned that the greatest near-term risk for investors is “impatience with the pace of adoption.” Yet, it reaffirmed its conviction that Circle and Coinbase are “the highest-quality public crypto companies” and remain well positioned to capture market share.
Traditional correspondent banks, however, may face structural challenges. “Even if they adopt blockchain-based rails, much of the economic upside will flow to new entrants,” the report concluded.
