Research: The 2025 Practitioner’s Guide to Stablecoins

Stablecoins have quietly become the most used product in crypto for their practical utility

May 29, 2025

A New Era for Stablecoins Has Arrived

Stablecoins have quietly become the most used product in crypto for their practical utility. They power onchain commerce, cross-border remittances, institutional settlement, and increasingly, the infrastructure layer of payments.

Yet for all their relevance, the conversation around stablecoins has often lacked detail, objectivity, and real-world insight.

In partnership with Multiliquid, Rebank, and Steakhouse Financial, we are excited to release Stablecoins: The Practitioner’s Guide, a comprehensive report written by and for the people building the future of stablecoin infrastructure. This is a granular, practical, and sharply observed breakdown of what stablecoins really are and where they’re going.

Download Full Report Here

Why This Report Matters Now

Over the past 12 months, three events have signaled a new chapter for stablecoins:

Tether generated over $13 billion in profit with fewer than 200 employees.
Stripe acquired Bridge, a stablecoin payments company, for $1.1 billion.
The U.S. political and regulatory landscape has shifted toward active engagement and clarity.

These moves across enterprise, infrastructure, and policy indicate that stablecoins are no longer speculative crypto assets. They are the foundation for programmable money and global value transfer.

But the complexity of the ecosystem has grown with its importance. Practitioners face a flood of conflicting advice, shifting standards, and evolving use cases. Our guide cuts through the noise.

Who Contributed

The report features insights and contributions from leading voices across crypto, fintech, and institutional finance, including:

Robert Mitchnick, Head of Digital Assets @ BlackRock
Phil Potter, Co-Founder @ Tether
Rune Christensen, Founder @ MakerDAO / Sky
Chris Brummer, Founder @ BluPrynt
Flavia Naves, Commissioner @ Wyoming Stable Token Commission
Hasu, Strategy Lead @ Flashbots
Zach Abrams, Co-Founder @ Bridge
Ben Milne, Founder @ Brale
Luca Prosperi, Founder @ M0
Austin Campbell, CEO @ WSPN USA
…and others shaping the stablecoin landscape.

The guide was authored by Kevin Miao, Head of Growth at Steakhouse Financial, with support from editorial board members Johnny Reinsch and Will Beeson.

What’s Inside

The guide covers:

The true utility function of stablecoins — why “trade, earn, and pay” will matter more than brand
Why capital efficiency and redemption mechanisms define success
The emerging architecture of stablecoin infrastructure, including embedded wallets, cross-chain protocols, and compliance tooling
How regulatory regimes like MiCA and the GENIUS Act are reshaping global strategy
A forward-looking view into the “Great Rebundling” of financial services, with stablecoins as programmable primitives

It also includes first-person insights and foundational commentary from contributors who helped invent the industry’s core primitives, including the creators of USDT, DAI, and several of today’s fastest-growing stablecoin issuers and orchestrators.

Dive in to learn 👉 more here.

A Tool for Builders, Investors & Policymakers

If you’re building a stablecoin, integrating one, investing in stablecoin infra, or regulating the future of digital finance, this guide will help you:

Understand the tradeoffs in reserve management, custody, and ecosystem building
Learn from the real-world decisions made by leading stablecoin issuers
Prepare your business or product for the next generation of competition

If you plan to be part of the stablecoin dialogue, this is the definitive pre-read. See below for a preview of the discussion of approaches to managing risk: