Stablecoins In Finance

🚨 BREAKING: HSBC and Standard Chartered are about to get Hong Kong's first stablecoin licences. These two banks already print Hong Kong's physical banknotes. Now they'll issue digital ones. --- Hong Kong narrowed 36 applications down to 3 or 4. The HKMA deliberately picked its note-issuing banks first — prioritizing institutional credibility over innovation speed. Standard Chartered built a JV (Anchorpoint Financial) with Animoca Brands and HKT. HSBC surprised everyone — they never even joined the HKMA sandbox. The initial focus is HKD-pegged stablecoins. Hong Kong's Stablecoin Ordinance requires reserves backed exclusively by High Quality Liquid Assets, T+1 par redemptions, client asset segregation, and public reserve disclosures. This is a proper, grown-up stablecoin regime. Approval could come as early as March 24th. --- Artemis data shows China is the second-largest receiver of cross-border stablecoin payments globally. The Singapore-China corridor is the single busiest stablecoin route in the world. USDT on Tron dominates. Low fees. High liquidity. Hard to stop. China's Supreme People's Procuratorate declared using USDT for foreign exchange is illegal. The crackdown on Tether via Tron is intensifying. Stablecoins in China work the way VPNs do. Officially banned. Massively used. --- Hong Kong is building the regulated front door to the world's biggest unofficial stablecoin market. The stablecoin market crossed $312 billion this month. $33 trillion in transactions last year. Citi projects up to $4 trillion in supply by 2030. When your note-issuing banks become your stablecoin issuers, stablecoins begin to matter MUCH MUCH More in the global cross border conversation.

Ten years ago, stablecoins barely existed. Today, they rival traditional payments infrastructure. To understand why, we need to take one step back. Stablecoins are addressing one major problem: we live in a digital world where everything happens in real time — except money. It remains slow, fragmented, and full of friction. 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗮𝗿𝗲 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝘁𝗵𝗮𝘁. They make money native to the internet — borderless, always on, and programmable (money that can move automatically when certain conditions are met). Value can now move as freely as information: instantly, globally, and without the intermediaries that slow everything down. That’s why adoption has accelerated — according to recent research from a16z crypto: • Stablecoin transaction volume grew by 106% over the past year, reaching $46 trillion. • $46 trillion is a big number — for comparison, Visa processed around $16 trillion, while the ACH network (the U.S. bank transfer network) handled about $87 trillion. • Not all that activity reflects real payments. A significant portion comes from automated transactions — bots, exchanges, or internal transfers that inflate totals. • On an adjusted basis, which filters out non-organic activity, stablecoin volume is closer to $9 trillion — still over five times PayPal’s payment volume and more than half of Visa’s. • Adoption keeps climbing: monthly adjusted volume reached $1.25 trillion in September 2025, signaling real, non-speculative use. 𝗗𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗺𝗲𝗮𝗻 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗮𝗿𝗲 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗿𝗮𝗶𝗹𝘀? Not quite — at least, not yet. What we’re seeing isn’t replacement, but early-stage evolution. Stablecoins are forming a parallel layer, filling gaps traditional rails weren’t designed for: • Cross-border transfers that settle in seconds instead of days • 24/7 settlement, unconstrained by banking hours • Open access, letting anyone with an internet connection hold and move value globally But it’s still early. The ecosystem has plenty to prove. Stablecoins still need to: • Gain regulatory clarity — even with progress like the U.S. Genius Act, global rules remain uncertain • Build trust and usability — the experience is still too technical for most users • Ensure transparency and reserves — tokens must be fully backed and audited • Improve interoperability — seamless transfers across blockchains So while stablecoins aren’t replacing traditional rails, they’re testing the boundaries of what global payments could look like and are potentially creating an infrastructure layer designed for the modern economy. Opinions: my own, Graphic source and numbers: a16z crypto 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫: https://lnkd.in/dkqhnxdg

Have Digital Currencies Hit Product-Market Fit Yet? Stablecoins reached $270B market cap with $26T transaction volume. Yet, only 1% involves real-world payments. The infrastructure is ready, but adoption remains concentrated in crypto trading. Just analyzed BCG's deep dive into digital currency mainstreaming, and the data reveals a critical inflection point most are missing. ↳ Stats that demand attention: - Stablecoin market cap grew 57% year-on-year to $210B by end 2024, reaching $270B by August 2025 - Turkey processes $38B annually in stablecoin volume - 4.3% of GDP, highest globally - Nigeria's USDC transactions jumped 412% year-on-year, exceeding $3B monthly - Tokenized real-world assets grew 4x in two years to $28B market capitalization - J.P.Morgan's Kinexys processed $1.5T in corporate transactions with $2B daily volume - Global South driving adoption in corridors where speed and USD access create value ↳ Three insights reshaping digital money: 1/ Infrastructure-Adoption Gap Narrowing • Technical rails proven at scale - $26T transaction volume demonstrates capacity • Real-world usage concentrated in high-inflation, unstable currency markets B2B cross-border payments growing 30x in two years • Corporate treasury applications emerging through platforms like SpaceX-Bridge integration 2/ Regulatory Clarity Accelerating Momentum • GENIUS Act & Digital Euro • MiCA in EU, GENIUS Act in US, stablecoin frameworks in Hong Kong/UAE building confidence • Central banks advancing CBDCs • Banks exploring tokenized deposits as regulatory-aligned alternative to stablecoins 3/ Geographic Divide in Adoption Patterns • Heaviest usage in Global South where USD access, remittance costs, inflation create demand • Developed markets seeing corporate/wholesale applications before retail adoption • Cross-border use cases proving strongest PMF initially • "Stablecoin sandwich" model emerging as foundation for Banking-as-a-Service 2.0 ↳ My Take: 1/ Distribution Remains King: The winners control last-mile access, not the underlying tech. Stablecoin issuers face the same distribution challenge that constrained early digital wallets. 2/ Corporate Treasury is the Wedge: B2B adoption will drive mainstream acceptance before retail. Complex corporate needs justify infrastructure investment. 3/ Sovereignty vs Efficiency Trade-off: Dollar-denominated stablecoins create de facto dollarization, while CBDCs assert monetary sovereignty. This tension will define adoption patterns by geography. Banks' Stablecoin Strategy Dilemma: • Traditional banks face "innovate or intermediate" decision. • Supporting stablecoin issuers through custody and FX services captures value without balance sheet risk. • Direct issuance risks deposit disintermediation but offers control. Which factor will most accelerate mainstream stablecoin adoption? A) Regulatory clarity B) Corporate treasury adoption at scale C) Global South retail payment usage D) Banking infrastructure integration

Stablecoin Payments: From Fringe to Financial Infrastructure The latest report from Castle Island Ventures, Dragonfly and Artemis reveals the growing role of stablecoins in real-world payments across sectors and regions. Here are 5 key insights: 1. $94.2B in Payments – And Counting - $94.2 billion in stablecoin payments were settled between Jan 2023 and Feb 2025. - As of Feb 2025, payments are annualizing at a $72.3B run rate. - B2B leads with $36B/year, followed by P2P ($18B), card payments ($13.2B), B2C ($3.3B), and prefunding ($2.5B). 2. B2B Is the Breakout Use Case - B2B transactions grew from <$100M/month in early 2023 to $3B/month in early 2025. - High-value transfers dominate: average transaction size exceeds $219K on both Tron and Ethereum. - USDT commands most volume, but USDC holds ~30% share in B2B flows. 3. USDT & Tron Reign Supreme - USDT has ~90% market share among surveyed firms; USDC is a distant second. - Tron is the most-used blockchain for stablecoin settlement, followed by Ethereum and Binance Smart Chain. - In every region (Europe, Africa, Asia, Latin America), USDT + Tron is the dominant combo. 4. Cards, Payroll & Micro-Transfers Go Crypto - Stablecoin-linked card payments surged from $250M/month in early 2023 to $1B/month by end of 2024. - B2C payments (payrolls, disbursements) topped $300M/month by early 2025. - Peer-to-peer transfers average <$50 per transaction, beating traditional fees (e.g., Zelle ®: $277 avg.). 5. Stablecoins Are the New Cross-Border Rail - US, Singapore, and Hong Kong lead in stablecoin sending volume. - The Singapore–China corridor is the most active globally. - Platforms like Yellow Card and Bitso are replacing Swift for B2B and remittances in Africa and LatAm. So What? - Stablecoins are no longer just for trading — they’re becoming the internet’s native money for business, payroll, remittances, and everyday payments. - With $2T+ in supply expected by 2028, regulators and enterprises alike must reckon with a new era of programmable, dollar-denominated value transfer — 24/7, instant, and borderless. Great work Anthony Yim, Andrew Van Aken, Nic Carter, Wyatt Khosrowshahi, Rob Hadick and Omar Kanji, CFA

Here a Coin, There a Coin, Everywhere a Stablecoin Stablecoins are no longer an edge case. They’re quietly becoming part of the global monetary architecture. Two Atlanta Fed perspectives make this clear — and cut through the hype: https://lnkd.in/giQ87uJh https://lnkd.in/gQjjBTbD --------------------- 1. This is a payments transformation, not a crypto trend Stablecoins reduce reliance on intermediaries and enable faster, cheaper cross-border settlement. (American Century Investments) That’s not incremental innovation — that’s structural pressure on correspondent banking. 2. The real shift = money becoming programmable Stablecoins combine: → price stability (via fiat backing) → blockchain-based settlement → smart contract automation This turns money into logic + liquidity, not just a store of value. (Chainalysis) 3. They are already moving toward mainstream adoption Transaction volumes are scaling rapidly, and institutions are entering the space. (American Century Investments) This is no longer retail crypto — it’s infrastructure being tested at scale. 4. But the foundation matters: stablecoins ≠ standalone systems The ecosystem is deeply tied to traditional financial assets like US Treasuries. (OUP Academic) Which means: → stablecoins depend on the strength of underlying markets → shocks in one system can spill into the other This is not disruption. It’s interdependence. 5. The real risk isn’t volatility — it’s fragmentation + design flaws Key concerns emerging from policymakers: → run risk if reserves lose confidence → inconsistent regulatory oversight → varying reserve models across issuers (atlantafed.org) We’re effectively building money-like systems outside unified standards. 6. Stablecoins are creating a “parallel layer” of money They act as: → medium of exchange → store of value (in digital ecosystems) → bridge between traditional finance and crypto (Federal Reserve) But without the full institutional safeguards of banking. ----------- Stablecoins won’t replace banks. But they will redefine how money moves, settles, and integrates globally. The real opportunity is not issuance. It’s: → integrating stablecoins into existing payment rails → solving compliance + liquidity orchestration → abstracting complexity for end users Nicolas Pinto Victor Yaromin #Stablecoins #Payments #CrossBorder #Fintech #DigitalAssets

Stablecoins are no longer an experiment. They are part of the operating infrastructure of global finance. Today, Venturebloxx and Finance Loop - Alliance for on-chain finance publish: Stablecoins: The Operating Layer for Global B2B Payments 2026 I contributed to this report alongside Panagiotis Kriaris’ FinTech Newsletter, my own Fintech Wrap Up, London Blockchain Conference, and industry partners including Januar, Utila, Range, and Depa. ____ Why this report matters Global payments are no longer about choosing one rail. They are about orchestrating multiple rails based on corridor economics, liquidity timing and cut-offs, regulatory perimeter, and reconciliation and audit requirements. Stablecoins are not replacing traditional rails. They are reshaping how global value moves. As adoption matures, they increasingly function as embedded infrastructure inside banking, PSP, and enterprise payment stacks rather than as standalone crypto features. Facts and figures (late 2025 / early 2026) ~$27T+ annualised stablecoin settlement volume ~$300–310B fiat-backed stablecoin market cap ~$16.5T–$23.7T stablecoin-addressable B2B payments TAM Stablecoins now represent roughly 30% of on-chain transaction activity. Euro stablecoins have exceeded €500M market cap. LatAm payment corridors recorded ~9× growth in stablecoin flows. Major production deployments already live - Visa: multi-stablecoin settlement across USD stablecoins and EURC - Stripe: USDC acceptance and stablecoin-linked financial accounts in 100+ countries - Checkout.com, Worldpay, Nuvei: merchant settlement in stablecoins - PayPal (PYUSD): merchant settlement and B2B expansion - JPMorgan (JPM Coin): $1B+ per day in tokenised deposit flows Qivalis consortium: regulated, bank-issued stablecoins in Europe What readers get A breakdown of real, production-grade use cases across banks, PSPs, platforms, and enterprises. In addition: - Corridor scorecards across LatAm, Sub-Saharan Africa, MENA, and Southeast Asia. - Ecosystem maps. - Regulatory frameworks. - Operating and monetisation models for banks, PSPs, and fintechs. 👉 Download the report. Link in the comments. Kudos to all the people contributing to this report: Bentzi Rabi Marcus Mølleskov Alberto Martín Mazaira Javier Perez Marta Maryam Rozsa Michael Wutzke Max Engelen Surya Deepan Elango Joshua Weiss, CAIA Kristoffer Nystrom Simon Ousager Rasmus Bjerregaard Carles Reina Carles Castillo Valiente Arnoud Star Busmann Patrick Hennes Paula Pettit #stablecoins #payments #fintech

💸 Stablecoins aren’t the future of payments. They’re the present. And it’s happening quietly — from the ground up. The report maps a clear picture of what’s actually happening with stablecoin payments — and it’s not what most people think. ❌ This isn’t about traders swapping tokens on-chain. ✅ It’s about real-world payments. $94.2 billion in stablecoin-based payments were processed by 31 firms between Jan 2023 and Feb 2025 — everything from B2B settlements to prepaid cards and cross-border payroll. By Feb 2025, the run rate hit $72.3 billion annually. That’s not theoretical scale — that’s PayPal size territory. Things That Stood Out for me in the report ✳️ It’s a USDT-on-Tron world: ~90% of stablecoin payments in the study are in Tether (USDT), with Tron leading the chain race across LatAm, Africa, and Asia. Ethereum and USDC? Still used, but they’re trailing 🔍 So what? This isn’t about elegant infrastructure. It’s about fast, cheap, and reliable rails — and Tron+USDT are winning where it counts: on user adoption. ✳️ B2B payments are eating stablecoins. From <$100M/month to >$3B/month in under two years. Stablecoins are being used to pay suppliers, contractors, and even manage treasury 🔍 So what? This is no longer a retail-only tool. Enterprises are integrating stablecoins into core operations — bypassing traditional cross-border systems. ✳️ Remittances are being rebuilt — silently: Corridors like India, Nigeria, and Mexico are increasingly using stablecoins instead of high-fee wire services or remittance apps 🔍 So what? For the first time, we’re seeing remittance flows that don’t touch SWIFT, Visa, or even banks. This is the parallel payments system in action. ✳️ Cards are the bridge to the mainstream: Monthly volume from stablecoin-linked cards surpassed $1B, and users are spending just like they would with Visa or Mastercard 🔍 So what? Stablecoins aren’t just held — they’re spent. This changes how we think about crypto: not as an investment class, but as a medium of daily exchange. ✳️ This is shadow infrastructure for the dollar: If stablecoins were a country, they’d be the 14th largest holder of U.S. Treasuries. Tether and Circle are essentially private extensions of the U.S. dollar abroad 🔍 So what? The U.S. may not have launched a CBDC, but stablecoins are already exporting the dollar — faster, further, and frictionlessly. So much got de-dollarisation 🤣🤣🤣 📌 Final thought: If you’re still filing stablecoins under “crypto hype,” you’re missing the infrastructure story unfolding right under your nose. Ignore it, and you’ll miss the next payments rail. Joseph Salim Mohammad Fope Dmitri Nicolas Atul Metin Mehdi Maha Dominic Miray #Stablecoins #Payments #Fintech #USDT #B2BPayments #Remittances #DigitalDollar #CryptoInfrastructure #Web3Finance #Tron #USDC #FinancialInclusion #EmergingMarkets #Paytech

𝐓𝐡𝐞 𝐒𝐭𝐚𝐭𝐞 𝐨𝐟 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧𝐬 𝐢𝐧 𝐂𝐫𝐨𝐬𝐬-𝐁𝐨𝐫𝐝𝐞𝐫 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 — the infrastructure 👇 For decades, cross-border payments ran on correspondent banking: slow settlement, layered intermediaries, opaque pricing. "Stablecoins are changing the rails, not the money." — FXC Intelligence, stablecoins still represent <1% of global cross-border volume, yet already unlock a $16.5T–$23.7T TAM. — 𝐓𝐡𝐞 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐓𝐞𝐜𝐡 𝐒𝐭𝐚𝐜𝐤: Stablecoin payments are not “just tokens” — they rely on a full stack: → 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐥𝐚𝐲𝐞𝐫 Payment apps, payout tools, treasury dashboards → 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲, 𝐦𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 & 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 KYC, AML, sanctions — increasingly identical to TradFi → 𝐅𝐗, 𝐨𝐧-𝐫𝐚𝐦𝐩 & 𝐨𝐟𝐟-𝐫𝐚𝐦𝐩 𝐥𝐚𝐲𝐞𝐫 Liquidity providers converting local fiat ↔ stablecoins → 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 & 𝐜𝐮𝐬𝐭𝐨𝐝𝐲 𝐥𝐚𝐲𝐞𝐫 This is becoming critical infrastructure. Platforms like Dfns enable enterprises to securely manage programmable wallets, policy controls, and large transaction volumes. → 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐥𝐚𝐲𝐞𝐫 The settlement rails — Ethereum, Solana, Base, Tron — where value actually moves. — 𝐓𝐡𝐞 “𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐒𝐚𝐧𝐝𝐰𝐢𝐜𝐡” 𝐢𝐧 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞 Instead of routing through chains of correspondent banks: → Sender pays in fiat → On-ramp converts fiat to USDC/USDT → Stablecoin settles globally in minutes → Off-ramp converts to local currency → Recipient receives funds faster, cheaper, and with full traceability In many cases, the last step disappears entirely. Recipients keep and use the stablecoin directly — the “open sandwich” model now powering payroll, merchant settlement, treasury ops, and crypto-native commerce. — 𝐓𝐡𝐞 𝐒𝐜𝐚𝐥𝐞 𝐢𝐬 𝐀𝐥𝐫𝐞𝐚𝐝𝐲 𝐑𝐞𝐚𝐥 → $5.7T stablecoin transaction volume in 2024 → $4.6T already processed in H1 2025 → Over 80% of supply concentrated in USDT & USDC → B2B dominates the opportunity (up to $18.8T TAM) This isn’t hype — it’s live volume. — 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐅𝐨𝐥𝐥𝐨𝐰: → 𝐂𝐮𝐬𝐭𝐨𝐝𝐲 & 𝐖𝐚𝐥𝐥𝐞𝐭 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: Dfns, BitGo, Fireblocks → 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 & 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐬: BVNK, Conduit, Orbital, Mural Pay → 𝐍𝐞𝐰 𝐌𝐨𝐝𝐞𝐥𝐬: Breeze, redefining the Merchant-of-Record with programmable, blockchain-native settlement → 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲: Circle (USDC), Tether.io (USDT) → 𝐍𝐞𝐱𝐭-𝐠𝐞𝐧 𝐑𝐚𝐢𝐥𝐬: Plasma, purpose-built for stablecoin payments and high-throughput settlement Each layer matters. No single player replaces the system — together, they upgrade it. ↳ 🚨 Banks are becoming wallet providers. 🚨 Settlement is moving from days to minutes. 🚨 Money is becoming programmable. Stablecoins are emerging as a new global liquidity layer, embedded inside the financial system. — Source: FXC Intelligence ► 𝐓𝐡𝐞 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐁𝐫𝐞𝐰𝐬 : https://lnkd.in/g5cDhnjC ► Connecting the dots in Payments... | Marcel van Oost

🔴 Stablecoins aren’t just growing, they’re replacing global money rails in real time Everyone talks about the $305B supply, but that’s the least interesting part of what’s happening. The new data shows a deeper shift in how the world stores and moves dollars, and why stablecoins are about to enter a multi-trillion-dollar phase. Sandy Peng just dropped a great report, The Stablecoin Story. This is what it reveals: 1️⃣ Stablecoins now move more money than Visa + Mastercard In 2024, stablecoins processed $27.6T on-chain, dwarfing traditional networks. Not speculation. Actual value transfer. This is disruption: silent, fast, and irreversible. 2️⃣ Emerging markets are the adoption engine Latin America received $415B in crypto in 2024 (+42% YoY). Small-value stablecoin transfers (<$250) are on track to exceed $60B in 2025. When households and microbusinesses adopt a technology before institutions, it’s not a trend, it’s actual infrastructure. 3️⃣ Remittances are the killer wedge It’s a $669B market with average fees of 6.65%. Stablecoins cut that to basis points and settle instantly. This isn’t just innovation, it’s economic relief. 4️⃣ Institutions stopped “exploring” and started migrating A treasury holding $50M at 0.5% earns $250K/year. The same capital in transparent, yield-bearing stablecoin strategies earns ~$4M/year. When the delta jumps 16x, adoption becomes a finance decision, not a crypto decision. 5️⃣ 2025–2027 is the regulatory unlock window The report highlights three simultaneous catalysts: GENIUS Act (U.S.) → full reserve requirements + licensing by 2027 MiCA (EU) → standardized rules for issuance + disclosures LEAP (HK) → unified digital-asset + stablecoin licensing For the first time, regulators globally agree stablecoins belong inside the financial system, not outside it. 6️⃣ The real unlock is the new stablecoin trilemma Gen-1 solved speed. Gen-2 added yield. But none solved the combination users actually need: privacy + spendability + yield. That missing trio is the trillion-dollar gap. Whoever solves all three wins the next cycle. 7️⃣ Enter the “neodollar” era The report frames the next category of digital dollars as neodollars: stable, private, spendable, and yield-bearing (10–15% APY). This is where stablecoins stop being tokens and become financial operating systems. 💡 The takeaway: Stablecoins are winning because they fix what the old system won’t: slow settlement, high fees, low yield, zero interoperability. The next trillion isn’t speculative, it’s structural: The rails are built. The demand is undeniable. The window is now. ❓ What part of the stablecoin shift do you think institutions are still underestimating? Share your thoughts below.