Who Really Runs Stablecoin Settlement? A Structural Analysis
Institutional finance has always needed a settlement layer that moves money between organizations. For decades, that layer was correspondent banking: bank-to-bank, one to three days, closed on weekends. In 2025 alone, stablecoins moved $33 trillion, roughly double Visa’s annual payment volume. JP Morgan settled debt in USDC on Solana. Visa settled $3.5 billion in USDC
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