Why Everyone's Wrong About Stablecoin Adoption

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Feb 13, 2026

Matt Higginson, Partner and Global Head of Digital Assets at McKinsey, advises financial firms on digital assets and tokenized money. He discusses why 2025 marked a stablecoin inflection point, how banks and card networks are approaching tokenized payments, the rapid growth of B2B and card-linked stablecoin use, and the interplay of agentic AI with blockchain for automated, auditable payments.

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ANECDOTE

A Long Crypto Journey Since 2012

Matt Higginson started in crypto in 2012 and mined coins in his basement.
He recounts surviving multiple market crashes and becoming 'numbed' to cycles.

INSIGHT

Real Payments Volumes Are Much Smaller

Public volume claims vastly overstated real-world stablecoin payments; real payments are much smaller.
McKinsey's study distinguishes exchange/MEV flows from payments that banks recognize.

INSIGHT

B2B Payments Are The Fastest Growth Front

B2B stablecoin payments are growing fastest because legacy rails leave unmet needs.
Matt Higginson notes stablecoins address friction in high-value cross-border and commercial payments.

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