2025 Supervisors Symposium

Stablecoins are Evolving Rapidly Stablecoins have evolved from early experimentation to a maturing, regulated financial instrument with a clear path to adoption for Financial Institutions

2014

2018

2020

2022

2024

$200MM

$500MM

$25B

$140B

$160B

Tether launches the first fiat-backed and algorithmic stablecoins

Circle and Coinbase launch USDC with full fiat reserves

USDT (Tether) becomes the first stablecoin to surpass $10B in market cap

Tether Crash Wipes out over $40B in value, leading to regulatory crackdowns and market skepticism.

JPM Coin begins settling $1B daily in stablecoin transactions

Today - $315B market cap and >$50T world-wide transactional value

Corporate Adoption Payment Giants Fiserv, FIS, PayPal, Visa, and Mastercard boost stablecoin adoption

GENIUS Act Becomes Law Establishes a framework for fully backed, regulated stablecoins, enabling official adoption by U.S. banks

Circle (USDC) Files IPO on NYSE Major milestone that validates stablecoins as core fintech infrastructure powering trillions in transactions

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STRATEGIC RESOURCE MANAGEMENT

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL

Stablecoins are making inroads on established and emerging payment and deposit use-cases

Stablecoin Use-Cases

Agentic & E Commerce

Treasury & Liquidity

Custody & Settlement

P2P Transfers

Remittances

Store of Value

Cross-Border

Consumer

Business

Consumer

Business

Consumer

Business

Consumer

Business

Consumer

Business Consumer

Business

Consumer

Business

• Instant wallet-to wallet transfers across apps and platforms • Enables micropayments and recurring transfers without intermediaries • Strengthens ecosystem effects through interoperable wallets

• Automated

• Direct consumer transfers bypass traditional remittance networks • Lower fees and faster delivery, no bank account required • Expands reach to

• Holding value in a fiat-pegged token for spending or short-term savings. • Used by consumers in high-inflation markets, freelancers, SMEs, Web3 users. • Dollar exposure without bank account; portable, programmable; composable with apps

• 24/7/365 real-time settlement replaces delayed international wires • Reduces reliance on ACH, SWIFT, and correspondent banks • Basis-point fees

• Real-time

• On-chain

payments triggered by AI agents or smart devices

settlement from corporate treasury operations

settlement reduces operational risks

• Streamlines collateral

improves cash positioning and intraday liquidity • Reduces reliance

• Smart contract escrows funds releases on delivery/event • Streamlines subscriptions,

management, clearing, and inter

institution settlement

on cutoff times or batching windows

• Reduces

improve liquidity and FX efficiency

• Enables

marketplaces, and digital commerce flows

underbanked and cross-border users

reconciliation burden through shared ledgers

programmable treasury workflows, better reconciliation

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STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL