Beyond fragmentation: solutions and approaches for stablecoins and EMT market

Free Content Report Blockchain & Web3 Innovative Payments Digital Payments May 2026 72 pages pdf

What you will learn

The stablecoin phenomenon is attracting growing global interest, engaging blockchain operators, banks, fintech companies, institutions, and regulatory authorities. The research, developed through ongoing dialogue with Milano Hub – Banca d’Italia within the framework of the Third Call for Proposals, originates from the fragmentation of the European market, further accentuated by the entry into force of MiCAR, and unfolds along two main directions: issuance and acceptance.

Table of Contents

1
Introduction
2
The role of stablecoins in the current payments landscape
3
Issuing an ecosystem EMT: possible configurations
4
E-money token acceptance
5
Conclusion
6
Appendix

Index of Graphs

1
Stablecoin transaction volume / Source: Bitwise Asset Management 2025
2
Fee of different platforms/ Source Digital Innovation Observatories
3
Structure of the proposed solution /Source Digital Innovation Observatories
4
Transversal elements of the proposed solution/ Source Digital Innovation Observatories

You will know how to answer these key questions

How is the digital payments landscape evolving with the emergence of stablecoins?
What are the main characteristics of stablecoins, and which use cases can they enable?
How can the issuance and governance models of an ecosystem e-money token (EMT) be designed?
Which innovative EMT acceptance models could foster their adoption?

The methodology used in this Report

The research conducted by the Blockchain & Web3 Observatory and the Innovative Payments Observatory was based on the use of different methodologies, including the analysis of secondary sources (databases, industry publications, research institute reports, etc.), the study of main use cases, the review of academic literature, and discussions with experts from Milano Hub – Banca d’Italia.

Authors