HSBC supporting seven currencies including onshore and offshore CNY on day one is the quiet flex here — JPMorgan's Kinexys still doesn't touch yuan corridors. Ant International running the first USD cross-border settlement between HK and Singapore tells you exactly which trade flows this is built for. The yield angle is what keeps stablecoin issuers up at night though: tokenized deposits pay interest by default, something Circle and Tether structurally cannot offer under current frameworks. Banks aren't competing with DeFi — they're building a parallel tokenized rails system where they control issuance, yield, and compliance, and the multi-currency programmable treasury play makes SWIFT look like it's running on fax machines.

Top comment by @Benthic