StripeĀ paid $1.1 billion for Bridge, whose core product is orchestrating banks. Citi isĀ launching crypto custody. Standard Chartered isĀ testing stablecoin settlement in Singapore. One by one, the operators moving institutional volume keep landing on the same architecture.
An enterprise cross-border payment has three legs. The payer’s money moves in local currency over local railsāa Brazilian importer paying in BRL via Pix. The payee receives local currency on their endāthe supplier collecting dollars in their account.
Between them sits the middle leg: getting value across the border from one institution to the other. That leg used to run through correspondent banking, SWIFT messages hopping between intermediary banks, each holding accounts with the next, each adding a day and a fee. When both institutions accept a stablecoin, that leg settles on-chain in seconds. Banks still own the other two.
That is the division of labor. Stablecoins settle the middle leg. Every flow still begins and ends in fiat, and that is where banks are non-negotiable: the entry point, the compliance anchor, and the local rails in every market a payment touches. The companies scaling on stablecoin rails built into the banking system, corridor by corridor.
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