The Blockchain Game Alliance released an industry report on stablecoins and blockchain games this October.
There should be very few people discussing the Chinese area from Binance Square to Twitter.
I read it in full this October; the content analysis is very reasonable. However, in my opinion, the downturn in the blockchain gaming sector is definitely not about whether stablecoins are used in the gaming economic system, so I did not forward this report.
Without a doubt, the blockchain gaming sector has cooled down in 2025, with very few new project investments; for blockchain games targeting players, aside from major projects like Adventure Island and Off The Grid, most others were established in the past few years and ultimately need to provide explanations to players. Numerous blockchain game projects have ceased operations, either announcing shutdowns due to an economic system collapse after issuing tokens or directly rug-pulling or soft exit when the project team loses confidence before issuing tokens.
By the end of the year, Sister Cathy will also release an analysis and outlook on the blockchain gaming sector.
First, I will share the Chinese summary of the report on the BGA stablecoin and the blockchain games.
BGA (Stablecoin + Gaming) report Chinese summary
1. The new role of stablecoins in gaming
The report points out that stablecoins like USDT and USDC are transitioning from being 'merely payment tools or DeFi liquidity assets' to becoming the core infrastructure of gaming economies.
Developers increasingly view stablecoins as the future 'monetary operating system' for gaming.
2. Provide economic stability
Compared to highly volatile speculative tokens (like many play-to-earn tokens), stablecoins can bring price predictability, making the in-game economy more stable.
This stability helps players continue to spend and makes it easier for creators (such as content creators) to obtain predictable income.
The report cites cases like Roblox: Roblox's closed-loop currency model demonstrates the importance of stable value in keeping players and creators active.
The BGA mentions that the top 10 creators on Roblox have an average annual income of about 38 million USD, and this income is due to the fixed exchange rate mechanism (or stable currency mechanism) that can mitigate market volatility.
3. Cross-platform trading and quick settlement
Stablecoins can simplify cross-platform asset exchange, making asset circulation between different games or gaming platforms smoother.
They can also enable faster and lower-cost payments (for example, payments to content creators, game developers, or contractors). The report points out that this payment method is more efficient than traditional bank transfers.
4. Secondary market and creator revenue sharing mechanism
By pricing in-game items (like NFTs, virtual goods) in stablecoins, blockchain game projects can create their own secondary markets. The stability of stablecoin prices makes such trading more reliable.
Stablecoins can also serve as 'programmable economic logic': for example, automatic revenue sharing, incentive mechanisms (referral rewards, user-generated content rewards), etc.
5. The foundational currency layer for the metaverse and cross-game assets
The report believes that stablecoins are the foundational currency layer in the future vision of the metaverse. This allows assets to circulate across different games without being severely affected by token value fluctuations.
6. Treasury Management
Blockchain game projects can use stablecoins as treasury assets: maintaining purchasing power, simplifying cross-border capital flows, and can also earn yield to some extent.
Unlike the use of fiat currency in an inflationary environment, stablecoins provide a more flexible and transparent financial management approach for teams.
7. Key to user experience (UX)
The report emphasizes that to gain widespread acceptance of stablecoins among ordinary players, the interface for using stablecoins must be 'transparent to players': players should not be distracted by complex wallet addresses, seed phrases, gas fees, and other technical details.
Compliance (e.g., KYC) can be handled in the background, without requiring every player to go through a complicated process at the start, thus lowering the entry barrier.
8. Addressing the failures of P2E models
The BGA report views the rise of stablecoins as a reflection on the failures of early play-to-earn (P2E) models. Many P2E games rely on highly volatile tokens, which have harmed players and ecosystems after token value crashes.
The report uses Axie Infinity as an example, pointing out that the collapse of its token price led to a sharp decrease in user numbers, reflecting the destructive impact of highly volatile tokens on ecosystem stability.
Stablecoins are seen as the foundation of a more sustainable, player-first economic system.
9. The emergence of game-specific stablecoins
The report mentions that stablecoins designed specifically for games are emerging: for example, the blockchain network Sui announced it will launch a programmable stablecoin called 'Game Dollar' focused on gaming use.
These dedicated stablecoins may better fit the economic needs of the gaming industry (such as high-frequency, small-value, cross-platform transactions, etc.).
10. Industry investment trends
The report also mentions that in the third quarter of 2025, the blockchain gaming industry saw a resurgence of venture capital - Q3 investments were approximately 129 million USD.
Despite the recovery, the total amount of funding is still relatively low compared to 2024 (where media reports indicated about 1.8 billion USD in investments).
(The full English version of the report is linked in the comments section, feel free to download and view it if needed)
