BCG’s latest white paper applies five “killer tests” to assess whether stablecoins have passed the hype cycle — and the verdict is clear: Stablecoins are graduating into programmable market infrastructure.
1. $26 Trillion+ in Volume – While most flow is still DeFi and trading, $2T+ is already touching RealPayments and TokenizedAssets.
2. Programmability at Scale – Smart contract-based settlement, treasury, and collateral flows are building a next-gen stack for enterprise.
3. Regulatory Tailwinds – With MiCA in place and U.S. legislation accelerating (STABLE Act, GENIUS Act), institutional entry is no longer a question of “if.”