Macquarie Calls Stablecoins 'Foundational Financial Infrastructure' as Market Hits $312 Billion
Investment bank Macquarie published a research note on March 10, 2026, declaring stablecoins "foundational financial infrastructure" and documenting a market that has reached approximately $312 billion in combined capitalization, up roughly 50% year over year. The report, authored by a team led by Senior US Payments and Digital Commerce Analyst Paul Golding , maps the transition of stablecoins from speculative trading instruments to institutional settlement rails [1]. From Crypto Trading to Core Payments Infrastructure The Macquarie note identifies a critical tension at the heart of the stablecoin market: while adjusted transfer volume reached approximately $11 trillion in 2025, roughly 90% of that activity still originates from cryptocurrency trading. The remaining 10%, however, is growing rapidly across payments, remittances, treasury management, and tokenized asset settlement [1]. Golding and his team argue that the non trading use cases represent a large and underpenetrated opportunity. "Stablecoin adoption is making strides in cross border remittances, but adoption as form of payment still has room to grow, presenting an attractive total addressable market (TAM) opportunity." [1] Separate data from Artemis Analytics puts total global stablecoin transaction volume for 2025 at $33 trillion , a 72% increase from the prior year [2]. That figure exceeds the combined on chain settlement volumes of major global card networks, underscoring the scale already achieved. Market Snapshot | Metric | Figure | | | | | Stablecoin Market Capitalization (March 2026) | ~$312 billion | | YoY Market Cap Growth | ~50% | | Adjusted Transfer Volume (2025) | ~$11 trillion | | Total Transaction Volume (2025, Artemis Analytics) | $33 trillion | | YoY Volume Growth (Artemis) | 72% | | Share of Volume from Crypto Trading | ~90% | | USDC Operating Blockchains | 28 networks | | Traditional Remittance Cost | ~$6 per $100 sent | | Standard Chartered 2028 Forecast | $2 trillion market | Banks and Card Networks Move On Chain A significant portion of the Macquarie note documents the entry of traditional financial institutions into stablecoin infrastructure. The report catalogs active pilots and integrations across the world's largest payment networks and banks [1][2]. | Institution | Stablecoin Activity | | | | | Visa | Supports USDC settlement; card obligations dischargeable on chain | | Mastercard | Supports USDC settlement | | JPMorgan | JPMD tokenized deposit product | | Citi | Citi Token Services | | HSBC | Tokenized deposit pilots | | Woori Financial Group | Reviewing stablecoin use in cross border payments and supply chain finance | Visa and Mastercard both support USDC for settlement, allowing card issuing banks to discharge obligations directly on chain rather than through traditional correspondent banking. JPMorgan has launched its JPMD tokenized deposit product, Citi operates its Token Services platform, and HSBC is running tokenized deposit pilots, each representing a distinct approach to integrating stablecoin adjacent technology into banking operations [1]. The Tether and Circle Rivalry The stablecoin market remains dominated by two issuers. Tether (USDT) leads with over $155 billion in circulation, representing more than 60% of global supply and ranking as the seventh largest buyer of U.S. Treasuries globally in 2024. Circle (USDC) , the second largest stablecoin, has gained ground in institutional and DeFi applications and now operates on 28 blockchain networks. Per Artemis Analytics, USDC "flipped" Tether in transfer volume in early 2026 [2][3]. Tether is now developing a new U.S. regulated stablecoin called USAT to compete directly with USDC for institutional market share, while the SEC confirmed in April 2025 that USDC is not a security, clearing a major regulatory hurdle for Circle [3]. Regulatory Tailwinds Across Jurisdictions Macquarie identifies three regulatory catalysts accelerating institutional adoption. In the United States, the GENIUS Act , signed in July 2025, established a federal framework for stablecoin issuers and is expected to take full effect as early as January 2027, with the OCC having issued a notice of proposed rulemaking on February 25, 2026. In Europe, the Markets in Crypto Assets (MiCA) regulation is pushing stablecoins toward formal institutional settlement status. Across the Asia Pacific region, emerging national regulations are creating additional on ramps for institutional participation [1]. Standard Chartered projects the stablecoin market will reach $2 trillion by 2028 , supported by surging issuance demand from institutions seeking exposure to U.S. Treasury bill backed digital dollars [2]. Cross Border Remittances: The Immediate Opportunity The report highlights cross border remittances as the most immediate non trading use case for stablecoins. Traditional remittance services charge approximately $6 per $100 sent , creating a significant cost advantage for stablecoin based alternatives, particularly in emerging markets across Africa and Southeast Asia where demand is driven by the need to hedge currency volatility [1]. The Macquarie note arrives in a week that saw Aon complete the first stablecoin insurance premium payment, KAST raise $80 million for its stablecoin native neobank, and Block confirm plans to support stablecoins on Cash App. Taken together, the data points paint a picture of an asset class crossing the threshold from crypto native infrastructure to mainstream financial plumbing. References [1] https://www.ainvest.com/news/stablecoins starting reshape payments banking macquarie 2603/ [2] https://www.mexc.co/en IN/news/896732 [3] https://www.moomoo.com/news/post/66659110/stablecoin market hits 312b as banks card networks embrace onchain