Traditional Banks Seek Alternatives to Outdated Payment Systems

A new report from digital asset firm Fireblocks has revealed that 90% of surveyed financial entities are either already using stablecoins or actively preparing to deploy them within their operations. This indicates a significant shift in the financial sector, where digital currencies backed by fiat money are now viewed not just as a way to cut costs, but as a cornerstone of future growth. The findings, based on a survey of nearly 300 executives from traditional banks, fintechs, and payment platforms, suggest that the digital finance landscape is shifting from experimentation to execution.

From Experiments to Mass Adoption

According to the Fireblocks study, nearly half of the surveyed executives said they’re already using stablecoins for payments, while others are piloting or planning implementation. Only a small minority—just 10%—remain on the sidelines of this trend.

“We’re observing an unprecedented change in traditional financial institutions’ attitudes toward digital assets,” notes Michael Shaulov, CEO of Fireblocks. “If three years ago the main users of stablecoins were cryptocurrency exchanges and traders, today we see banks with centuries of history actively integrating these technologies into their operational processes.”

Particularly noteworthy is the fact that 58% of banks are using stablecoins for cross-border transfers—an area where traditional payment systems demonstrate their inefficiency. Beyond international transactions, financial organizations are applying stablecoins for payment acceptance, liquidity optimization, and settlements with trading partners.

This data confirms that stablecoins have overcome an important psychological barrier and are no longer perceived as experimental technology or a niche tool for crypto enthusiasts. They are becoming mainstream in the conservative financial industry.

Why Banks Are Turning to Stablecoins

One of the key reasons for the growing interest in stablecoins is the inadequacy of existing payment systems in a globalized economy. Traditional interbank transfers often take several days, are accompanied by high fees, and suffer from process opacity.

“Traditional payment rails were created in a different era and for a different economy,” explains Sarah Johnson, head of innovation at one of Europe’s largest banks. “Today’s global business processes require instant settlements, 24/7 availability, and minimal costs for cross-border operations. Stablecoins offer a ready-made solution to these problems.”

Another factor is the relative ease of integrating stablecoins into existing financial infrastructure. Because they are pegged to fiat currencies, banks can incorporate them into current treasury systems without the need for capital restructuring of backend systems. The Fireblocks report describes stablecoins as a “path to modernization” and a potential tool for regaining positions lost by traditional financial institutions in competition with more agile fintech rivals.

“Stablecoins offer a unique compromise,” comments Alex Chen, a fintech analyst at Morgan Stanley. “On one hand, they provide the advantages of blockchain technologies: security, transparency, speed, and programmability. On the other, they possess the stability of fiat currencies, which alleviates the main concerns bankers have about the volatility of crypto assets.”

Regulatory Challenges and Prospects

Despite growing adoption, significant regulatory questions remain that could affect the pace of further stablecoin implementation. In the United States, European Union, and other jurisdictions, the development of regulatory requirements for stablecoin issuers continues.

“Regulatory certainty is a key factor for full-scale implementation,” notes Rachel White, a partner at Baker McKenzie law firm specializing in fintech regulation. “Many financial institutions are waiting for clear rules, especially regarding reserve requirements, reporting, and compliance. Uncertainty in these issues is holding some organizations back from fully deploying stablecoin solutions.”

However, progress in the regulatory sphere is evident. The U.S. has recently advanced in adopting stablecoin legislation, and the European Union has included them in its comprehensive regulatory framework MiCA (Markets in Crypto-Assets). These initiatives aim to create a clearer and safer environment for stablecoin operations.

It’s significant that stablecoins are attracting attention not only from commercial banks but also from central banks, many of which view them as a “testing ground” before potentially issuing their own digital currencies (CBDCs). Some central banks are even exploring possibilities for collaboration with private stablecoin issuers within mixed models of digital currencies.

The Future of Finance: Integration Instead of Confrontation

The Fireblocks research also revealed an important shift in perception: instead of viewing cryptocurrencies and stablecoins as competitors to the traditional financial system, banks increasingly see them as complementary tools that expand the capabilities of existing infrastructure.

“We’re observing an evolution from confrontation to integration,” comments David Marcus, former head of blockchain projects at Meta and current CEO of fintech startup Lightspark. “Instead of ‘crypto versus banks,’ a model of ‘crypto inside banks’ is forming—and stablecoins are becoming a natural bridge between these worlds.”

Analysts predict that the volume of transactions in stablecoins could increase fivefold by 2028, reaching $3 trillion daily, as more financial institutions integrate them into their core business processes.

The trend toward stablecoin adoption also reflects broader changes in the global financial architecture, where digitalization and asset tokenization are becoming mainstream directions of development. In this context, the adoption of stablecoins by traditional financial institutions can be viewed not just as technological modernization, but as a fundamental transformation of how money and payment systems will function in the future.

“Ninety percent adoption among financial institutions is a point of no return,” concludes Shaulov from Fireblocks. “We are entering an era where the boundary between traditional and digital finance is finally being erased, creating a new, more efficient and inclusive financial ecosystem.”