The stablecoin market is entering a new phase of transformation. In the landmark joint report by Alchemy Pay and Gate Research, “The New Era of Stablecoins: A Comprehensive Study on Compliance, Innovation, and Adoption”, the report dives deep into how stablecoins are reshaping the global financial infrastructure, from its exponential growth and regulatory evolution to the intensifying competition at the infrastructure layer.
Exponential Growth and Institutional Momentum
As of August 2025, the total capitalization of stablecoins has exceeded USD 280 billion, representing more than a 660-fold increase since early 2019. Annual on-chain settlement volumes have surpassed USD 30 trillion, placing stablecoins on par with traditional global payment systems such as SWIFT and Visa in terms of transaction throughput.
This growth reflects both technological maturity and regulatory acceleration. The implementation of key frameworks, such as the GENIUS Act, Stablecoin Ordinance, and MiCA, has initiated what the report identifies as the “Age of Compliance.”
The report also highlights the growing participation of major financial institutions including PayPal, Visa, and Mastercard, each embedding stablecoin functionality into retail, enterprise, and cross-border payment systems. These integrations signal the ongoing convergence between TradFi and DeFi, underscoring the transition of stablecoins from speculative instruments to operational assets within global payment and settlement ecosystems.
Meanwhile, innovation within the stablecoin sector continues to accelerate. While USDT and USDC remain dominant, emerging models such as yield-bearing stablecoins are rapidly gaining market share. The study identifies a structural evolution from single-purpose payment tools to a “Three-in-One Model”—Peg + Yield + Application—that extends stablecoin utility into yield generation, real-world asset integration, and enterprise use cases such as supply chain finance and payroll settlement.
From Tokens to Infrastructure: The New Battlefield
The narrative of competition is shifting. It’s no longer about which stablecoin dominates, it’s about who controls the rails. The report calls this the move from “token competition” to “infrastructure competition.” As stablecoins become integral to the global payments landscape, control over settlement infrastructure has emerged as the next competitive frontier. Leading players like Tether, Circle, Stripe, and Alchemy Pay are developing blockchain architectures to establish themselves as dominant settlement networks.
This strategic evolution reflects a broader recognition: in the future of digital finance, the competitive advantage will lie not merely in token issuance, but in control of the infrastructure that enables liquidity, settlement, and compliance across markets and jurisdictions.
Alchemy Chain: Building the Stablecoin Settlement Hub for Global Fiat
Within this emerging infrastructure race, the report spotlights Alchemy Chain, a Layer 1 blockchain developed by Alchemy Pay. Drawing upon years of operational experience in the fiat-crypto payment sector, Alchemy Chain represents a practice-driven approach to infrastructure design.
The blockchain’s architecture centers on a clear, efficient flow—Fiat A → Stablecoin → Fiat B—positioning stablecoins as instant settlement bridges for global cross-border transactions. Key technical innovations include:
- FIFO (First-In-First-Out) transaction ordering, ensuring fairness and eliminating “pay-to-prioritize” congestion.
- On-chain real-time FX rates, with validator nodes directly integrating price feeds at the consensus layer to reduce oracle latency.
- Block-Wing hybrid storage system, combining on-chain recording of essential transaction data with decentralized off-chain storage for auxiliary files, ensuring scalability and cost efficiency.
Strategically, Alchemy Chain diverges from general-purpose blockchains. Rather than competing with ecosystems like Ethereum, it aims to redefine global settlement infrastructure, leveraging Web3 technology to rebuild payment systems traditionally represented by SWIFT. Backed by Alchemy Pay’s already built network of 3 million users across 173 countries, and supported by connections with Visa, Mastercard, local mobile wallets and global banking rails, Alchemy Chain is positioned to serve as a neutral, compliant settlement layer connecting stablecoins and fiat currencies worldwide.
The Future Trajectory: Compliance, Multipolarity, and Integration
The report concludes that stablecoins are transitioning through three structural shifts:
- From explosive growth to compliance establishment;
- From token-centric competition to infrastructure-centric competition;
- From U.S. dollar dominance to regional multipolarity.
Over the next three to five years, the report predicts that the institutions capable of creating a closed-loop ecosystem, integrating compliance frameworks, proprietary infrastructure, and scalable applications, will define the next generation of the global value network.
Read the Full Report
The “New Era of Stablecoins” report offers a data-driven, forward-looking roadmap for enterprises, regulators, and developers navigating the evolving stablecoin landscape.
Read the full report here to explore how compliance, infrastructure, and innovation are converging to reshape the global payments ecosystem.
About Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
About Alchemy Pay
Founded in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off-Ramp, Web3 Digital Bank, NFT Checkout and its newly launched RWA platform, Alchemy Pay supports fiat payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The RWA platform allows global users to invest in tokenized real-world assets using local fiat currencies, lowering entry barriers and democratizing access to traditional financial instruments. Our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. Additionally, the NFT Checkout enables direct purchases of NFTs using fiat payment methods. ACH is the Alchemy Pay network token on the Ethereum blockchain.
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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate & Alchemy Pay are not responsible for any losses or damages arising from such decisions.
