Sky.money is a non-custodial platform for accessing Sky Protocol, featuring the USDS stablecoin, savings rates, and rewards, all while ensuring user control of assets.
Visit WebsiteStabolut offers USB, a crypto-backed stablecoin pegged to the US dollar, operating independently of traditional banking systems.
Visit Websitef(x) Protocol brings non liquidatable leverage on ETH with zero funding costs while emitting fxUSD, a decentralized stablecoin with unmatched capital efficiency and sustainable real yield.
Visit WebsiteLed by
Leon Waidmann
Head of Research
Conducted by
Ananya Shrivastava
Research Analyst
Ambreen Khral
Market Researcher
Arin Soleymani
Head of Business Development
Michał Moneta
Leader & Chief Strategy Officer
Contributors
Ruth M. Trucks
Head of Content
Lucas De Melo
UX Designer
Chris Braithwaite
Content & Technical Writer
Kade Garrett
Content Writer
Veronica Kirin
Content Writer
Adewale Aloba
Graphic Designer
Ashton Barger
Partnerships Manager
Boris Agatić
Data Scientist
Thought Leaders
Jessica Gaubert
Co-Founder and COO, Haraka
Oyedeji Oluwoye
Co-Founder, Canza Finance
Rune Christensen
Co-Founder, Sky Protocol
Eneko Knorr
Co-Founder and CEO, Stabolut
Cyrille Briere
Contributor, fxProtocol
Erwan Mismaque
Head of Onchain Finance, Lisk
Patrick Hansen
Senior Director, EU Strategy & Policy, Circle
Sanja Kon
VP of Partnerships & Business Development, Europe, Circle
Jeremy Allaire
Founder, Circle
Martin de Rijke
Head of Growth, Maple Finance
Christian Duffus
Co-Founder, Fonbnk
Paolo Ardoino
Founder, Tether
The research was guided by a deductive methodology, designed to test the hypothesis that stablecoins represent the most lucrative onchain business opportunity. By blending quantitative data with qualitative insights, the study aimed to evaluate their transformative potential for financial ecosystems, focusing on their impact on both businesses and consumers.
The research adopted a structured, hypothesis-driven approach to evaluate stablecoins as a transformative onchain financial tool. The methodology included:
The survey captured responses from 1,450 participants divided into the following four segments:
Participants represented a mix of individuals and businesses of various sizes. Most were active cryptocurrency users, often with full-time jobs or entrepreneurial backgrounds, offering diverse perspectives. The survey’s classification of countries followed the IMF’s “Advanced Economies” and “Emerging and Developing Economies” categories to ensure accurate segmentation.
Survey limitations:
Using the IMF classification of advanced and emerging economies, some regions or smaller economies may be underrepresented due to limited data availability.
The evolving nature of stablecoin regulations may affect the relevance of some findings over time as policies continue to shift globally.
Examples like PayPal (PYUSD), Stripe (USDC), and Grab (USDC) illustrate benefits but may only partially capture the diversity of use cases across industries and regions.
The emphasis on USD-pegged stablecoins may limit insights into stablecoins tied to other currencies or alternative models like algorithmic or commodity-backed stablecoins.
The report highlights key applications, such as remittances, but leaves other emerging use cases, like gaming or tokenized real-world assets, less explored.
Findings assume stablecoins retain their current advantages, but shifts in blockchain scalability, regulatory pressures, or macroeconomic conditions could alter their impact.