Stablecoins—digital tokens pegged to assets like the U.S. dollar and backed by cash or liquid securities—reached a major regulatory milestone this month with the passage of the GENIUS Act. In two recent NeuGroup sessions, treasurers said the regulatory framework is a promising first step as they work to find where stablecoins fit in corporate treasury. - In a joint session of NeuGroup for EMEA Regional Treasury and NeuGroup’s UAE Advisory Council, members expressed cautious optimism about using stablecoins to speed up cross-border settlements, particularly for intercompany payments in areas where traditional settlement can take up to a week and involve multiple intermediaries. “Europe is ahead of the U.S. when it comes to using stablecoins,” a stablecoin expert in the session said.
- Members of NeuGroup for Technology Advancement and NeuGroup for Growth-Tech Treasurers—primarily U.S.-based companies—struck a more hesitant tone. They described stablecoins as an interesting but still theoretical tool, unlikely to displace current systems in the near term. “For now, there’s more downside risk than upside,” one treasurer said. “The current system may be inefficient, but it works.”
Use cases come into focus. Members said the most compelling near-term use case is enabling real-time, 24/7 cross-border payments—especially for transactions between subsidiaries and for customers where current settlement can be slow and costly. Attendees from payments companies said they are evaluating stablecoins to meet customer demand for faster settlements, and one said his company is already integrating them into its platform.
- NeuGroup peer group leader Matt Thomas said using stablecoins for intercompany funding is a logical long-term application, allowing treasuries to make these internal payments faster and more efficiently. But in many jurisdictions where stablecoins would add the most value, companies still face challenges finding intermediaries to convert local currency into U.S. dollars they would need to buy stablecoins.
Cautious curiosity, slow preparation. Public stablecoins like USDC (minted by Circle) and USDT (minted by Tether) circulate on open blockchain networks accessible to anyone, but must be purchased through a broker. - “Permissioned” blockchain platforms, such as JPMorgan’s Kinexys (formerly ONYX and JPM Coin) and Citi’s Token Services, offer similar opportunities for 24/7 payments, but run on private networks restricted to approved participants.
- One member from a global industrial company noted that while his team has explored both open and permissioned blockchain networks, two major challenges persist: reluctance to be a first mover, and the need for trusted counterparties including providers of wallets and other key infrastructure.
- No members reported holding stablecoins on their balance sheets, in part because it would require building out custody and risk management capabilities to support that infrastructure. Some are beginning to prepare with IT, legal and accounting teams.
- “You don’t want to scramble if the CFO or a customer suddenly wants to move forward,” one member said. “But it can depend on the type of customer. If you’re B2C, you may have to adapt earlier than if you’re B2B.”
- Mr. Thomas and fellow peer group leader Paul Dalle Molle said adoption may start within existing banking relationships. Multiple members confirmed this, saying they use or plan to use Kinexys or Token Services because they already bank with JPMorgan or Citi. Earlier this year, The Wall Street Journal reported several large U.S. banks are exploring a joint, interoperable stablecoin. “If those products materialize, it could make sense for large corporates to wait,” Mr. Thomas said.
Who moves first? Mr. Dalle Molle said stablecoin adoption is happening in phases: crypto-native companies first, followed by fintechs and large financial institutions using tokenized payment and liquidity products. Kinexys and Citi’s platform fall into this group, as do several NeuGroup-member payments companies expanding their settlement networks with stablecoin rails.
- Traditional corporates will come last, approaching stablecoins with more skepticism than curiosity. “What we’re seeing is less a rush to experiment than a formal process to bulk up understanding,” Mr. Dalle Molle said, noting that several large members are actively building expertise so they can answer leadership or board questions.
