Bloomberg Style (Macro-Investor & Institutional Focus)
Stablecoins Seen as ‘Major Technology Upgrade’ to Global Finance, William Blair Says
Stablecoins are poised to transform the global payments ecosystem and challenge the dominance of legacy banking networks, according to a new report from William Blair & Co.
The Chicago-based investment bank said stablecoins represent a “major technological leap” in cross-border settlement, allowing near-instant transactions with minimal fees and no foreign-exchange friction.
While the shift could take years, the firm projects that new regulation — including frameworks like the GENIUS Act — will unlock large-scale adoption, particularly for corporate and institutional payments.
“Stablecoins are not just a financial innovation — they are a systems upgrade,” analysts wrote, adding that programmable and immutable settlement layers could redefine global money flows.
William Blair identified Circle Internet Financial and Coinbase Global Inc. as the most direct beneficiaries, given their exposure to USD-backed stablecoin issuance and trading infrastructure.
The report also warned that banks relying on correspondent networks risk losing market share, even if they adopt blockchain rails later. “Stablecoins could eventually displace key components of the existing system,” it said.
