Everyone's looking at Hyperliquid at $429M top of this chart.
Read the footnote. Tether and Circle are excluded because of scale, at $4.16B and $1.6B.
The two biggest revenue generators in crypto are both just holding dollars and earning the yield. That's not a protocol, that's a money market fund with a ticker.
Mastercard's own research: 39% of respondents have experimented with stablecoins, 10% use them as a primary provider.
That gap is the whole industry right now. Everyone's had a go, almost nobody's moved their actual volume across.
The pilot phase has lasted about three years.
fintechfutures.com/paytech/master…
@brunoswerneck@whop The layering is the bit worth flagging. every provider in that stack has its own risk appetite, and the moment one of them changes its mind your product changes with it. You're not running a neobank, you're renting four of them.
@MarkKleinmanSky Three days ago Brazil ranked #1 in Chainalysis' global adoption index.
today a Brazilian bank is reportedly buying the UK's flagship fintech ,the gravity isn't pointing outwards from London anymore.
@obchakevich_ "Regulation without Congress" is the one people are sleeping on
CLARITY died in September and the SEC went ahead with the innovation exemption two days later. that pattern doesn't need a bill to keep going
half this list depends on it
The Fed proposed its first detailed stablecoin rules on Wednesday. what counts as backing, how fast an issuer has to honour redemption.
Boring, technical, and more consequential than anything that happened to the price this week.
"can I redeem this at par, on demand, from a supervised issuer" is basically the whole question.
The Fed proposed its first detailed stablecoin rules on Wednesday. what counts as backing, how fast an issuer has to honour redemption.
Boring, technical, and more consequential than anything that happened to the price this week.
"can I redeem this at par, on demand, from a supervised issuer" is basically the whole question.
Cross-border stablecoin flows went from $124bn to $220bn in the year to June. up 78% while the crypto market cap halved.
Average transfer is about $3,000. that's not treasury moving, that's businesses paying suppliers.
The use case was never trading. it was that correspondent banking takes days and charges you for the privilege.
chainalysis.com/blog/2026-glob…
Every crypto company website: "banking for the onchain economy".
Every crypto company in the group chat: "does anyone know a provider who'll actually take us".
UK banks just discovered escrow smart contracts and called them programmable tokenised deposits.
Genuinely a good step, no notes on the tech.
Just funny that the rails keep improving while half the businesses in this space still can't get an account opened.
ukfinance.org.uk/tokenised-ster…
@SoFi just moved its entire $25bn card programme onto stablecoin settlement with Mastercard. not a pilot, the live business.
Worth noting what this isn't: customers aren't holding stablecoins, merchants aren't either. it's the back office that changed.
That's the version of this that actually scales. nobody adopts a payment method, they adopt a cheaper rail.
investors.sofi.com/news/news-deta…
good roundup. the part that gets missed in these maps is that consumer coverage expanding doesn't mean business coverage follows
plenty of these let you spend personally in LatAm or Africa. far fewer will open a corporate account for a company registered there
that gap is where the actual friction still is
@0xVishnya@reapglobal@krakenfx@Visa a year ago the hard part was finding one provider who'd touch business stablecoin cards. now it's a competitive market. good problem
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