Who Really Runs Stablecoin Settlement? A Structural Analysis
Institutional finance has at all times wanted a settlement layer that strikes cash between organizations. For many years, that layer was correspondent banking: bank-to-bank, one to a few days, closed on weekends. In 2025 alone, stablecoins moved $33 trillion, roughly double Visa’s annual cost quantity. JP Morgan settled debt in USDC on Solana. Visa settled…
