Moody’s said stablecoins and tokenized deposits are evolving into institutional “digital cash,” with trillions in onchain settlement volume and billions in infrastructure investment.
Stablecoins are shifting from a crypto native tool to a core piece of institutional market plumbing, according to a new cross-sector outlook report from Moody’s.
In the report, published Monday, the ratings agency said stablecoins processed about 87% more settlement volume in 2025 than the year before, reaching $9 trillion in activity based on industry estimates of onchain transactions, rather than purely bank‑to‑bank flows.
Moody’s said fiat‑backed stablecoins and tokenized deposits are evolving into “digital cash” for liquidity management, collateral movements and settlements across an increasingly tokenized financial system.
