Nium

Stablecoins are migrating from crypto-market liquidity into the operating logic of banking, payments, custody, and licensing. Around Money20/20 Europe 2026, banks, neobanks, payment firms, and trust-chartered infrastructure providers converged on four competing models for regulated digital money. StablecoinBeat data shows the market remains highly concentrated and almost entirely dollar-denominated: as of June 4, 2026, USDT and USDC alone held about 81% of $324 billion in supply, and non-dollar tokens accounted for roughly 0.3%. The decisive battleground is now licensing, reserves, deposit competition, and control of the customer interface.