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The fintech sector is currently riding a wave of positive tailwinds. A string of successful IPOs and M&A deals, coupled with the passage of the groundbreaking U.S. GENIUS Act, is accelerating the adoption of fintech solutions across financial markets and creating fresh opportunities.

Confidence Is Back 

After a sharp downturn in 2022–2023, fintech IPOs are making a strong comeback. This spring saw several high-profile listings: WeBull and eToro went public in April and May, followed by neobank Chime in June. Chime ended the month up 28% from its issue price, lifting its valuation to USD 13 billion.

«The swift response from leading retail companies has been remarkable.»

The most eye-catching debut came from Circle, a major stablecoin issuer whose share price surged nearly ninefold before closing June with a market capitalization of USD 40 billion.

Private financing remains robust as well. Ramp, a corporate expense management specialist, raised another USD 200 million at a USD 16 billion valuation — a clear reflection of renewed confidence in the sector’s growth trajectory. 

GENIUS Act Marks a Turning Point

The GENIUS Act (Guiding and Establishing the National Innovation for U.S. Stablecoins Act of 2025), passed by the U.S. Senate in June, marks a milestone in the recognition of stablecoins. It enables regulated banks and issuers to offer tokenized dollars as early as this summer. The integration of stablecoins into domestic and cross-border payments, as well as treasury transactions, now benefits from a clearly defined legal framework.

The swift response from major retailers has been striking. Amazon and Walmart are reportedly exploring their own stablecoin issuances to significantly reduce transaction fees. At the same time, Coinbase has partnered with Shopify to introduce a USDC payment solution on its Layer-2 blockchain, Base. Launched in June, the system integrates seamlessly into Shopify’s merchant payment workflows. These modular, programmable payment structures mirror the logic of e-commerce and allow merchants to adopt tokenized payments quickly and at scale.

«The growth in transaction volume remains significant.»

Fiserv is also planning to issue its own dollar-pegged stablecoin, FIUSD, on the Solana blockchain in partnership with Paxos and Circle. Projects like this — bridging blockchain with traditional banking infrastructure — aim to enable continuous settlement, embedded compliance, and real-time interoperability.

Stablecoins: Rapid Growth and Broad Adoption

The stablecoin business model relies on income generated from fiat deposits held in banks or government securities. By the end of June, the total supply of stablecoins on public blockchains had reached USD 254 billion, led by USDT at USD 159 billion and USDC at USD 61 billion. For context, the U.S. M2 money supply stood at approximately USD 22 trillion at the end of May.

According to U.S. Treasury Secretary Scott Bessent, the market could reach USD 3.7 trillion by 2030 — signaling potential mainstream adoption well beyond digital assets. Transaction volumes remain strong despite algorithmic trading distortions: adjusted stablecoin volume in June rose 104% year-over-year to more than USD 800 billion. 

«Visa and Mastercard can play a key role in bridging traditional financial systems with the world of cryptocurrencies.»

Bridging Two Worlds

Visa and Mastercard, the giants of traditional payment networks, have invested heavily to integrate stablecoin functionality into their ecosystems. Visa CEO Ryan McInerney has expressed optimism about the future of stablecoins, emphasizing trust, usability, and scalability as key adoption drivers.

While stablecoin usage outside the digital-asset space is still nascent, it challenges the business models of card issuers more than those of the networks themselves. Visa’s and Mastercard’s tokenization capabilities and merchant networks remain major strategic advantages, enabling them to bridge traditional systems with the crypto economy — even if questions linger about their long-term growth potential. Both stocks hit record highs in June before easing 5.5% by month-end. 

Who’s in the Lead

Also in June, Robinhood hosted its «To Catch a Token» event, focused on the development of its Layer-2 blockchain optimized for real-world assets. The platform enables continuous, around-the-clock asset transfers. Robinhood announced the launch of tokens linked to listed U.S. equities such as Nvidia, Microsoft, and Apple — as well as private companies like OpenAI and SpaceX — primarily targeting European investors. Ironically, regulatory hurdles are currently higher in the U.S. than in Europe. 

The establishment of robust, regulator-supervised infrastructure sends a clear signal: tokenization is gaining structural legitimacy, acceptance, and momentum within the broader wealth-management ecosystem. Robinhood and Coinbase appear to be at the forefront of this transformation.

Koos Burema is a portfolio manager at Robeco.

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