Stablecoins are attracting significant attention, but their role in payments is often overstated.

While more than $300 billion is in circulation and growth projections reach into the trillions, most stablecoin activity today is not driven by everyday payments. Instead, it is concentrated in institutional flows, trading ecosystems, and liquidity management.

This creates a disconnect between the narrative and the reality.

In this CGI perspective, we examine how stablecoins are currently being used and where they deliver tangible value. The analysis moves beyond surface-level use cases to explore the underlying mechanics of liquidity, settlement, and real-world integration.

We also look at why many of the benefits attributed to stablecoins are increasingly being pursued through tokenized deposits, offering banks a more practical path within existing regulatory and balance sheet frameworks.

Download the full perspective to help answer key questions, including:

  • Where stablecoins fit in the current payments and liquidity landscape?
  • Which use cases are commercially viable—and which face practical barriers to broader adoption?
  • How should banks compare stablecoins with tokenized deposits?
  • What should financial institutions consider when planning for adoption and integration?