USD Stablecoin Interchange Market
Wiki route
This entry sits under fintech index. Read it against Japan financial regulation for tokens, crypto-assets, and payments for peer / contrast context and Japan stablecoin legal framework: three-layer structure for the broader system / regulatory boundary.
[!info] TL;DR The exchange, clearing, and settlement between USD stablecoins such as USDT, USDC, USDS, and PYUSD itself constitutes a large standalone market.
Market size: stablecoin trading volume of $33 兆 in 2025 年 [Bloomberg/Artemis]. Even if only 10% of that is USD stablecoin interchange, a fee of 0.01% implies annual revenue on the order of $3.3 億/year.
Interchange characteristics: USD stablecoin interchange differs from general crypto exchange. In theory, the tokens are pegged to the US dollar at 1:1 , actual price spreads are extremely small (typically < 0.05%), and the risk is far lower than ordinary crypto trading.
2 implementation paths:
- DeFi (Curve, etc.): about 0.01-0.04% for USDT↔USDC; permissionless, but with slippage and gas costs for large trades
- CeFi (market makers / exchange APIs): 0.02-0.05%; deep liquidity, but KYB connectivity required
Standalone value: A stablecoin interchange gateway does not need to depend on any specific application, such as AI payments or cross-border B2B remittance, and can serve any industry as independent infrastructure. Its role is similar to a market maker in FX markets. On the Japan side, if it only operates as an information intermediary through a self-custody routing model, it falls under ECISB license. For legal routes that cross currency boundaries, see two-currency triangular arbitrage.
Related
- Wiki Index
- CEX × Japanese bank unsecured-credit track-record map
- Japan ECISB license for transaction-routing intermediation without handling funds
- Japan stablecoin legal framework: three-layer structure
- Two AI payment rails: Stripe model versus stablecoin model
- Circle USDC · Compliant White-Circle Benchmark · NYSE-Listed Issuer · CCTP / BUIDL Interlock
Last refresh (2026-05-26): refreshed dates; added Circle USDC issuer wikilink alongside USDT/USDS/PYUSD peers.
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