Stablecoins have evolved far beyond their original role as a safe harbor for crypto traders navigating volatile markets. New data shows they are now powering everyday digital payments, international transfers, and business operations across fintech and traditional finance. According to analysis from payments infrastructure platform Mercuryo, stablecoins accounted for 60% of total crypto purchase value on its platform in the first half of 2026, up from 43% in the second half of 2025.

Why Are Stablecoins Becoming Essential Infrastructure?

The shift reflects a fundamental change in how stablecoins are being used. Rather than serving primarily as a trading tool, they now enable neobanks to offer international transfers and multi-currency accounts, allow businesses to rebalance treasury positions across jurisdictions, and facilitate real-time supplier invoice settlement. The key advantage: funds can be transferred and settled directly in stablecoins such as USDC (USD Coin), enabling around-the-clock settlement seven days per week, eliminating the delays inherent in traditional banking.

The growth is particularly pronounced among new cryptocurrency users. Stablecoins represented 47% of all first-time crypto purchases in the first half of 2026, compared with 33% in the second half of 2025. Additionally, the average stablecoin order rose by approximately 28%, indicating that users are not only choosing stablecoins more frequently but also purchasing larger amounts.

"Stablecoins are becoming increasingly ubiquitous in payments and the emerging digital economy. Rather than arriving with a bang, the new age of cryptocurrency is quietly embedding itself into a whole plethora of use cases. The clunkiness of traditional banking infrastructure is quietly being replaced," said Arthur Firstov, Chief Business Officer at Mercuryo.

Arthur Firstov, Chief Business Officer at Mercuryo

How Are Major Payment Networks Enabling Stablecoin Adoption?

• Visa Integration: Visa expanded its stablecoin settlement capabilities with USDC over the Solana and Ethereum blockchain networks, enabling the company to move millions of dollars in USDC directly to acquirers' digital wallets, including during weekends and holidays.
• BlackRock and Circle Partnership: BlackRock and Circle launched a tokenized fund backed by US Treasury bills, cash, and repo agreements, creating a smart-contract facility where treasurers can instantly swap BUIDL shares for liquid USDC at all times.
• PayPal Cross-Border Payments: PayPal integrated its dollar-backed stablecoin, PYUSD, into its digital money transfer service Xoom, enabling users in the US to settle cross-border transactions with local disbursement partners while avoiding the cost of maintaining pre-funded local bank reserves.

These integrations demonstrate that stablecoins are no longer confined to crypto exchanges and decentralized finance platforms. They are becoming embedded in mainstream payment infrastructure, bridging the gap between traditional finance and blockchain-based settlement.

What Does the Emergence of Open USD Mean for Market Competition?

The stablecoin landscape is becoming more complex. In late June 2026, the Open Standard alliance announced the launch of Open USD (OUSD), claiming participation from more than 140 institutions, including Visa, Mastercard, Stripe, Coinbase, and BlackRock. The market initially viewed OUSD as a direct competitor to USDC, and Circle's stock fell by roughly 15% to 18% at one point following the announcement.

However, industry observers argue that OUSD represents a restructuring of the stablecoin business model rather than simply the emergence of a new competitor. The key innovation is replacing the traditional model, in which issuers retain all revenue, with an ecosystem-wide revenue-sharing model similar to Visa's structure. In the Visa ecosystem, revenue is shared among issuers, acquirers, banks, and other participants, while the network itself earns only a relatively thin margin in the middle.

Despite the attention surrounding OUSD's 140-institution list, several companies reported that they had not held formal discussions with the OUSD issuer. A Samsung Electronics representative stated that no formal consultations had taken place, and Dunamu and K Bank said Open Standard had merely asked whether they might be interested in participating, to which they responded only that they "could give it some preliminary consideration." This suggests that the depth of participation among listed institutions remains unclear.

In the short term, USDC's network effects in regulated and crypto-native markets remain a significant advantage. However, over the long term, the stablecoin market may become increasingly segmented, with USDT continuing to dominate less-regulated and emerging markets, USDC serving regulated institutional use cases, and OUSD and similar models establishing themselves in enterprise payments and cross-ecosystem settlement.

What Are the Practical Implications for Users and Businesses?

• Faster Settlement Times: Stablecoins enable instantaneous payments without the processing delays of traditional bank transfers, allowing businesses and consumers to settle transactions in real time across time zones and borders.
• Reduced Friction in Online Payments: As Web3 user experience evolves, stablecoins provide a smoother payment experience compared to repeatedly entering debit or credit card details for online purchases, particularly as integrations with card payment networks expand.
• Treasury and Working Capital Management: Businesses can use stablecoins to rebalance treasury positions across jurisdictions and move working capital between subsidiaries without the delays and costs associated with traditional wire transfers.
• Market Segmentation Opportunities: The emergence of competing stablecoin models suggests that different use cases may be served by different stablecoins, with USDT, USDC, and OUSD potentially occupying distinct niches based on regulation, distribution, and revenue-sharing models.

The data from Mercuryo and the competitive dynamics around OUSD paint a picture of a stablecoin market in transition. What began as a niche tool for crypto traders is becoming foundational infrastructure for digital payments, settlement, and financial operations. The question is no longer whether stablecoins will play a role in the financial system, but rather which stablecoins will dominate which use cases as regulation, distribution networks, and business models continue to evolve.