Stablecoins: $230 Billion in Banking Revenue at Risk, According to Capgemini

An Estimated $230 Billion Erosion in Payment Revenues

According to the report by the Capgemini Research Institute, stablecoins, tokenized deposits, and central bank digital currencies (CBDCs) are expected to account for about 4% of global payment volumes by 2030.

The study estimates that the widespread adoption of stablecoins and tokenized deposits poses a risk of losing $230 billion in payment-related revenue for banks. This affects high-margin sources such as foreign exchange spreads, correspondent banking services, revenues generated from available liquidity, and transaction processing fees.

The report also suggests that the widespread adoption of these solutions could release up to $4 trillion currently locked in settlement and liquidity accounts.

Large Corporations Still Dissatisfied with Cross-Border Payments

For this 22nd edition, the study surveyed over 1,100 large companies with revenues exceeding $1 billion, spread across nine countries. On average, respondents operate in 14 markets and maintain relationships with 11 banks.

According to the report, 74% of large companies describe cross-border payments as slow, costly, and unpredictable, with the end-to-end journey taking approximately 3.5 days. The total cost of a typical cross-border business-to-business payment is estimated at 2% of the transaction value.

The study also finds that 71% of large companies would choose a bank over a fintech for tokenized payments, given equivalent cost and quality. However, nearly 60% are willing to turn to non-banking providers for their stablecoin-related services if their banking partners do not keep pace.