Stablecoin Adoption: The Next Wave

Stablecoins are designed to keep a steady value—by pegging to a reserve asset like the US dollar—while delivering the speed and lower cost of blockchain-based payments. In this episode of The Decisive, S&P Global Market Intelligence economist Robert Matthee unpacks how stablecoins work, why their market has surged to an estimated $300 billion, and what's driving forecasts that the space could expand dramatically in the coming years. Robert and host Kristen hallam dig into what's powering adoption: demand for cheaper cross-border transfers, growing use by major issuers, and the impact of clearer regulation—including the US GENIUS Act—on mainstream acceptance. We also look at stablecoins through the lens of emerging markets, especially sub-Saharan Africa, where FX shortages, inflation, and friction-filled payment rails have made "digital hard currency" an appealing alternative for households and businesses. The episode also explores the tradeoffs—how widespread stablecoin use could accelerate currency substitution, weaken domestic monetary policy, and pressure local banks by pulling deposits out of the traditional system. Finally, we close with what could come next—from continued growth in dollar-backed coins to new experiments, including stablecoins backed by assets like gold. Listen now to gain insights on the future of stablecoin adoption. More S&P Global Market Intelligence Content: Stablecoins Explained: A Comprehensive FAQ Guide to Digital Currency Stability Age of Agility: Key Themes Shaping the Sub-Saharan Africa Region in 2026 Top 10 Economic Insights 2026 For S&P Global subscribers (login required): Sub-Saharan Africa: FX shortages likely to accelerate US stablecoin adoption Banking risk 2025 highlights and 2026 outlook Fiscal fragilities: Dealing with high debt Credits: Host: Kristen Hallam Guest: Robert Matthee Produced By: Kristen Hallam Edited By: Marz Marcello Published With Assistance From: Sophie Carr, Feranmi Adeoshun