Keith Grose discusses how blockchain-based currencies are reshaping finance as global markets develop comprehensive regulatory frameworks The stablecoin revolution is already here, even if most consumers haven’t noticed yet. According to Keith Grose, UK CEO of Coinbase, the cryptocurrency exchange and custodian platform, these blockchain-based digital currencies have crossed a remarkable threshold in the past year. Stablecoins have processed more than US$45tn in transaction volume over the past 12 months.
That figure exceeds the combined volumes of payment giants Visa and Mastercard. Yet this seismic shift in how value moves around the world remains largely invisible to everyday consumers in developed markets. “I don’t think many people realize it yet because you’re not paying for your groceries with stablecoins if you’re in the US or the UK,” Keith explains. “But quietly, there is a big movement happening.” Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to traditional currencies, most commonly the US dollar. Unlike volatile cryptocurrencies such as Bitcoin, stablecoins aim to combine the benefits of blockchain technology with the price stability of fiat currency. This makes them particularly useful for payments and remittances.
The summer that changed everything The momentum behind stablecoins accelerated dramatically following what Keith describes as “stablecoin summer”.
This refers to the passage of the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) in the United States, landmark legislation that created a comprehensive regulatory framework for stablecoins. The Act established clear rules for how stablecoin issuers must operate, including reserve requirements and consumer protections. The legislation marked a turning point for institutional adoption. With regulatory clarity finally established, corporate treasurers and financial institutions gained the confidence to integrate stablecoins into their operations. The growth that followed has been remarkable.
The implications extend far beyond simple payment processing. Keith identifies stablecoins as one of two critical trends that will reshape financial services over the next five to ten years. The second is tokenisation, the process of representing real-world assets as digital tokens on blockchain networks. “You’re starting to see this happen with savings, with money market funds, but I think you’re going to see it happen with equities and bonds as well,” Keith says. “We’re in the early days of that, but I think the next 12 months are going to be really exciting for that space.” The convergence of these trends points towards a future where traditional capital markets operate on blockchain infrastructure. Keith highlights the transformative potential of this shift.
There’s going to be this interesting question of what happens when you have massive capital markets move on chain where they’re trading 24/7, 365 globally,” he reveals. “The market expansion there is going to be really interesting.”
Where stablecoins are already winning
While British and American consumers continue using traditional payment methods, stablecoins have already gained significant traction in specific use cases. Corporate treasuries represent the first major adoption frontier, particularly where companies must regularly move capital between subsidiaries and conduct trade finance across multiple currencies. Keith explains that stablecoins have already captured considerable market share in these corporate applications. The benefits become particularly pronounced in emerging markets, where traditional banking rails prove slow and expensive for cross-border transactions.
“Particularly in emerging markets where moving from one currency to another, South African rand to a US dollar, can take a long time, you’re starting to see stablecoins be used more and more,” Keith says.