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WHITE PAPERStablecoinsFive killer tests to gauge their potentialMay 2025By Kunal Jhanji, Kaj Burchardi, Yue Hong Zhang, Carlos Bravo, Teddy Hung, Bernhard Kronfellner, Humza Samad1 STABLECOINS: FIVE KILLER TESTS TO GAUGE THEIR POTENTIAL1. A16z, ‘State of Crypto Report 2024’, October 2024.2. Visa Onchain Analytics Dashboard.3. Ibid., BCG analysis.4. Defined as the quantity or number of stablecoin transactions in 2024.5. Market cap as per March 2025.Stablecoins are having a breakout moment, with economic, strategic, and regulatory fundamentals driving adoption. Five killer tests can help market participants gauge their long-term potential.Imagine an economy powered by internet-based money, in which near-instant payments cost a fraction of today’s prices, in which AI agents act autonomously to shop online and invest, and in which complex treasury operations can be ‘vibe coded’ for automation. This is the brave new world powered by stablecoins, once only touted by digital evangelists but n