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 Where and why stablecoins are set to land in the Nordic and Baltic markets 

 Stablecoins have long been seen as a breakthrough in payments, combining the speed of crypto with the stability of fiat. Yet in the Nordic and Baltic region, adoption has remained limited. With payment systems that are already fast, low-cost, and trusted, the case for a new payment layer has not been compelling. Until now. 

 A market that has been waiting, now beginning to move 

Across the region, the conditions for stablecoin adoption are starting to align. Regulatory frameworks are becoming clearer, infrastructure is taking shape, and institutions are beginning to invest and experiment. Momentum is building, but not where many expected. This is not a consumer-led shift. Instead, stablecoins are emerging in the background, addressing real friction in areas such as cross-border settlement, liquidity management, and B2B payments. 

As part of our analysis, we analysed the prospects for more than 50 Stablecoin use cases across the business and consumer segment.

Report insights drawn from 410 "informed insiders" with stablecoin knowledge, spanning early adopters to key decision-makers in the Nordics & Baltics.

The market is moving ~1/3 banks are actively developing or piloting stablecoin, and among PSPs and acquirers, nearly two-thirds are already in motion.

In this report, Visa Consulting & Analytics (VCA) explores how stablecoins are set to land in the Nordic and Baltic markets, quietly, and in the right places. 

Drawing on market analysis and research among surveyed “Informed Insiders,” this report examines:

Why adoption has lagged, and what is changing now

Where stablecoins create real value, beyond consumer payments

The most relevant use cases across settlement, treasury, and cross-border flows

How banks, PSPs, and acquirers can position themselves as adoption accelerates

Explore the key signals shaping the market, the most relevant use cases, and the strategic actions institutions should consider today. 

Download the full report

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