Les paiements genuine stablecoin payments ran at approximately $390 billion annualized in late 2025, representing only about 0.02% of the $208 trillion cross-border payments market. Enterprise payment flows begin and end in fiat currency, with stablecoins settling only the middle leg between two banking institutions. The cross-border payment model has three components: local currency entry, on-chain cross-border settlement, and local currency exit, with banks remaining non-negotiable at both ends. Single-bank dependency represents the most underrated operational risk in the sector, as demonstrated by the collapses of Silvergate and Signature Bank. Companies that achieved institutional scale are those that first built robust banking infrastructure, with regulatory compliance becoming a key competitive advantage since the GENIUS Act of July 2025.
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