$317B in stablecoin supply, Visa’s $7B annualized stablecoin settlement run-rate, and DTCC lining up DTC-custodied tokenized securities with 50+ firms all point to adoption by plumbing: settlement windows, collateral mobility, custody, compliance. The trade gets more selective from here; BUIDL/USYC-style cash tokens, Base/Polygon/Canton rails, and KYC-aware middleware capture flows, while random DeFi beta gets fee-compressed unless it becomes collateral or distribution.

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