As the stablecoin market continues to grow at a rapid pace, it is becoming increasingly clear that this is a phenomenon that no longer interests only crypto enthusiasts. Stablecoins are now becoming a topic for central banks, major payment institutions, and fintech companies, and in recent months, they have recorded more news and regulatory shifts than any other segment of the blockchain industry.
This is precisely why Marko Škreb, former governor of the Croatian National Bank and consultant in central banking, and Nikola Škorić, founder and CEO of Electrocoin, gathered in one place as part of the lecture series ‘Why Do Governors Not Sleep at Night?’. The discussion was moderated by Božidar Pavlović, founder of Aymo Ventures, and the aim was to consider the key question: Do stablecoins represent the future of payments or the introduction to a new financial crisis?
Three news items that marked the autumn of stablecoins
The moderator pointed out that the stablecoin industry has become a crucial part of the financial system, citing examples such as a consortium of European banks coming together around a common euro stablecoin, the Bank of England presenting a regulatory framework for systemic stablecoins in pounds, and Klarna, one of the largest European fintechs, launching its own stablecoin.
Such developments confirm that stablecoins are rapidly moving from the realm of experimentation into the area of mainstream finance.
Stablecoins surpass Visa
When asked about real use cases, Škorić immediately set the tone for the discussion. The stablecoin market is now worth more than Visa, one of the largest payment systems in the world.
The volume of stablecoin transfers has increased from just $3.3 billion in 2018 to $18.4 trillion in 2024, surpassing Visa at $15.7 trillion and Mastercard at $9.8 trillion.
This alone shows that this is not a passing trend, but a technology that is already reshaping global payments.
Škorić also reminded of the transformation of the European Central Bank’s stance. From initial skepticism, through cautious acceptance, to the current phase in which stablecoins are considered a relevant element of the future monetary system.
Why stablecoins are growing: 24/7 payments and profitability
Is the growth of stablecoins just hype and where is the real value, the moderator posed the next question.
Škorić presented a clear thesis, which is that stablecoins offer something that banks systematically do not provide: payments available 24 hours a day, seven days a week, with almost instantaneous settlement.
As proof of how stablecoins have become part of the broader payment infrastructure, he even mentioned Western Union, a ‘technological dinosaur’ in his words, which has launched its own stablecoin.
Moreover, issuing stablecoins has become an extremely profitable business, which is an additional motivation for expansion.
Tether’s net profit for 2024 was approximately $13 billion, and the company has already exceeded $10 billion in profit for the first three quarters of 2025.
Stablecoin issuers, especially Tether, earn by investing the collateral that backs the stablecoin (e.g., deposits, US government bonds, money market instruments) in short-term and liquid securities that yield returns.
Stablecoins as a hedge against inflation and a tool for global payments
Škreb provided a broader macroeconomic picture of the popularity of stablecoins.
For individuals, stablecoins serve as a hedge against inflation, especially in economies with high and volatile price growth. Additionally, they represent the simplest entry into the world of cryptocurrencies.
For companies, stablecoins have become a tool for international payments. Transactions occur in seconds, conversion from fiat currency to stablecoin is extremely cheap, and business processes can be automated through smart contracts.
All of this makes stablecoins a competitive alternative to traditional international payment traffic, which is slow, complex, and expensive.
Risks: collateral, transparency, and Tether as the ‘elephant in the room’
After discussing the advantages, the focus shifted to risks. All participants agreed that collateral, or the quality and transparency of reserves, is a key issue for the stability of the system.
Škreb particularly highlighted the problem of Tether, the largest stablecoin issuer, which still does not publish a fully audited balance sheet and does not provide detailed insight into the structure of collateral.
Škorić took a different stance. He reminded of the long-standing ‘FUD’ campaign against Tether and mentioned the news that Tether financed the demolition of the east wing of the White House, alluding to the company’s political and financial ties with Donald Trump. He posed the question to the audience whether they think Tether will receive a full financial license or fail first?
US vs EU, who is leading the game?
One of the most interesting parts of the discussion related to the geopolitical framework.
According to Škreb, the US encourages stablecoins, among other reasons, because 99 percent of the market consists of dollar stablecoins, and Tether and other issuers hold huge amounts of US government bonds. This has made them an important buyer of US debt.
The risk arises in a scenario of large withdrawals: if issuers had to sell bonds en masse to pay out stablecoins, the pressure on the debt market could be significant.
The European Union does not have to think about such a scenario, as the current capitalization of euro stablecoins is $605 million according to CoinMarketCap. By the same information provider, the market capitalization of dollar stablecoins is $316 billion, meaning that European stablecoins make up only 0.19 percent of the stablecoin market.
The EU has taken a significantly different approach. The MiCA regulation requires a high level of security, including the obligation that 60 percent of the collateral for stablecoins be deposited in bank deposits.
Škorić emphasized that many incidents of loss of stable value, such as the USDC drop over the weekend caused by the shutdown of SVB bank, actually showed that the biggest risk is the banking sector, not stablecoin technology.
Digital euro and the European dilemma
The discussion briefly touched on the digital euro.
European lawmakers increasingly see the digital euro as a way to respond to American dominance in digital payments and to create a unified European payment ecosystem.
Škreb believes that the EU should primarily strengthen the banking union, while Škorić is convinced that it is necessary to actively promote the European stablecoin industry to avoid technological and monetary lag.
The discussion clearly showed two approaches: Škreb’s conservative, macro-stabilizing view and Škorić’s proactive, innovative approach. However, despite the different tones, they agreed on one thing: stablecoins have become mainstream.
What was a few years ago an experiment of a decentralized community is today a new pillar of global finance, with the potential to redefine the way we pay, save, and connect financial systems.
