Payment Networks Are Quietly Routing Stablecoins Behind the Card Rails
The consumer sees a card. The settlement leg increasingly does not touch a correspondent bank, and that is the part that was actually broken.
The consumer sees a card. The settlement leg increasingly does not touch a correspondent bank, and that is the part that was actually broken.
The largest stablecoin issuer still does not know whether it can operate in the United States from 2027. Its answer is a second token, not a new reserve model.
Circle has spent two years betting that regulation is a moat rather than a cost. The GENIUS rulemaking is where that bet gets settled.
The statute passed in 2025. The rules that make it operable are still being written, and issuers are planning against a March 2027 effective date.
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