Digital banks in emerging markets are increasingly adopting stablecoins like USDC and USDT to bypass traditional banking systems. Platforms such as Rizon, Altitude, Fuse, Cleva, Plasma One, Kast, Nubank, and Lipaworld utilize this infrastructure to facilitate cross-border payments and reduce forex fees, which can reach 5%.
In 2025, the fiat-backed stablecoin market grew by approximately 46% year-on-year. Circle reported that the market capitalization of USDC reached about $75 billion, marking a 73% annual increase. While Tether’s USDT also saw growth, USDC has outpaced its competitor in percentage terms for two consecutive years.
Despite the growth of stablecoin infrastructure, many neobanks face profitability challenges. Most rely on interchange fees of 1% to 2% per transaction, which are often offset by high customer acquisition and compliance costs. Currently, three out of four neobanks operate at a loss.
To secure their market positions, both issuers are pursuing regulatory milestones. Circle has obtained an OCC national trust bank charter. Meanwhile, Tether plans to introduce a US-regulated stablecoin, USAT, in partnership with Anchorage Digital Bank.
