# Stablecoins Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Stablecoins", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

The On-Chain Game of Payment Giants: The Battle for a $40 Trillion Settlement Layer

The payment industry, while perceived as traditional, remains one of the earliest and most adaptable parts of the financial system to technological transformation. While the market continues to debate whether cryptocurrencies are assets, payment giants Visa and Mastercard have reached a consensus on a more fundamental issue: the need for a more efficient settlement layer that can integrate with existing payment systems, rather than requiring a complete overhaul. Their answer is stablecoins. Visa has begun integrating USDC stablecoin settlements via the Solana blockchain for U.S. banks, emphasizing standardization and productization rather than disruptive innovation. This allows for near-instant, 24/7 settlements, reducing liquidity constraints and transaction times, all while maintaining a seamless experience for end-users. Meanwhile, Mastercard is pursuing a multi-chain strategy, partnering with entities like Ripple and Gemini to build a flexible compliance layer that connects traditional finance with on-chain settlement networks. This approach prioritizes adaptability across various stablecoins and blockchain environments, particularly for cross-border and B2B payments. Both companies recognize that the real competition is not about individual stablecoin growth, but about controlling the future settlement layer—where an estimated $40 trillion in credit market activity could be redefined. The shift toward programmable settlement tools could reshape core financial processes like credit issuance and risk management. This transition is occurring quietly in the background—a technical migration that is gradual but likely irreversible. As major payment networks adopt on-chain settlement capabilities, blockchain is becoming embedded within the infrastructure of finance itself, changing the underlying logic of how value moves globally.

marsbit12/18 10:03

The On-Chain Game of Payment Giants: The Battle for a $40 Trillion Settlement Layer

marsbit12/18 10:03

From Double-Entry Bookkeeping to Blockchain 'Triple-Entry Bookkeeping': Why Must Banks Go On-Chain?

Banks rely on ledgers, and so does blockchain at its core—but the two are fundamentally different. Today, financial institutions face a choice similar to that of print media decades ago: adapt to the digital age or risk obsolescence. The rise of stablecoins further accelerates this shift. While many banks are adopting cryptographic technologies, the underlying reason encrypted ledgers may eventually replace traditional banking ledgers lies in accounting methodology. Traditional banks use double-entry bookkeeping, invented in medieval Italy, which records each transaction in at least two accounts (debit and credit) to ensure balance and auditability. However, this system relies on independent record-keeping, leaving room for manipulation and reconciliation errors—exemplified by scandals like Enron. In contrast, blockchain introduces triple-entry accounting. This extends double-entry bookkeeping by adding a third, cryptographically-secured, and immutable entry—recorded on a distributed ledger via consensus mechanisms like Proof-of-Work or Proof-of-Stake. Each transaction is not only in the sender’s and receiver’s accounts but also in a tamper-proof, timestamped block, creating a transparent and trustless system. Triple-entry accounting eliminates the need for intermediaries, reduces auditing complexity, and enables near-real-time verification. For banks, adopting blockchain means transitioning from double-entry to triple-entry bookkeeping. Once issues like privacy (e.g., zero-knowledge proofs) and compliance (e.g., KYC) are resolved, moving operations to the chain can significantly boost efficiency, reduce reliance on legacy systems, and provide a more resilient infrastructure. The message is clear: embrace blockchain or risk marginalization. This may be one of the most critical strategic decisions for banks in the coming decades.

marsbit12/18 09:03

From Double-Entry Bookkeeping to Blockchain 'Triple-Entry Bookkeeping': Why Must Banks Go On-Chain?

marsbit12/18 09:03

Grayscale Fund Outlook for 2026: Ten New Investment Opportunities and False Hypes in Crypto

Grayscale's 2026 outlook predicts a structural shift in digital asset investment driven by increased demand for alternative value stores and greater regulatory clarity. This is expected to attract more capital inflows, broaden adoption, and further integrate blockchain into mainstream finance. The report forecasts the end of the "four-year crypto cycle" and anticipates Bitcoin reaching new all-time highs in H1 2026. Key investment themes include: 1. Dollar devaluation boosting demand for assets like BTC and ETH. 2. Regulatory progress supporting adoption. 3. Growth of stablecoins post-GENIUS Act. 4. An inflection point for asset tokenization. 5. The need for privacy solutions as blockchain goes mainstream. 6. Blockchain-based solutions for AI centralization. 7. Accelerated DeFi growth, led by lending. 8. Next-gen infrastructure for mainstream adoption. 9. A focus on sustainable revenue models. 10. The rise of staking as a default for investors. The report identifies quantum computing and Digital Asset Treasuries (DATs) as overhyped themes with limited market impact in 2026. The conclusion emphasizes that the era of institutional adoption will create a clear divide between assets with strong fundamentals and regulatory access and those without.

marsbit12/18 07:31

Grayscale Fund Outlook for 2026: Ten New Investment Opportunities and False Hypes in Crypto

marsbit12/18 07:31

Coinbase Launches Major Product Updates, Including Prediction Markets and Stock Trading, Transforming into a Comprehensive Financial Platform

Coinbase has unveiled a major expansion of its product suite during its "System Update 2025" event, signaling a strategic shift from a pure cryptocurrency exchange to a comprehensive financial platform. Key announcements include the launch of commission-free stock and ETF trading for US users, with plans to offer extended 24/5 trading hours and eventually support thousands of assets. The company is also preparing to list stock-linked perpetual futures for international users. Additionally, Coinbase is entering the prediction markets through a partnership with Kalshi, allowing US users to trade event-based contracts. Other new features include a simplified interface for perpetual futures trading, integration of Solana DEX aggregator Jupiter for instant token trading, and an AI-powered wealth management tool called Coinbase Advisor. For businesses, Coinbase Business is now fully available in the US and Singapore, offering financial services for SMBs. The company also introduced a service for creating custom branded stablecoins and is developing new payment infrastructure, including the x402 open payment standard. These moves position Coinbase to compete directly with traditional brokers and expand into new multi-billion dollar revenue streams.

marsbit12/18 07:02

Coinbase Launches Major Product Updates, Including Prediction Markets and Stock Trading, Transforming into a Comprehensive Financial Platform

marsbit12/18 07:02

2026 Grayscale Outlook: Ten New Investment Opportunities and False Hypes in Crypto

Grayscale's 2026 outlook anticipates a structural shift in digital asset investment driven by increased demand for alternative value stores and enhanced regulatory clarity. This is expected to attract significant institutional capital, integrate blockchain into mainstream finance, and end the traditional four-year crypto cycle. Bitcoin may reach new all-time highs in H1 2026. Key investment themes include: 1) Demand for monetary alternatives (BTC, ETH, ZEC) due to fiat currency risks; 2) Regulatory progress supporting adoption; 3) Stablecoin growth under the GENIUS Act; 4) Asset tokenization reaching a tipping point; 5) Privacy solutions (ZEC, AZTEC) for mainstream blockchain use; 6) Blockchain addressing AI centralization (TAO, NEAR); 7) DeFi acceleration, particularly in lending; 8) Next-gen infrastructure (SUI, MON); 9) Focus on sustainable revenue (SOL, ETH); 10) Staking becoming default for investors (LDO, JTO). Quantum computing and Digital Asset Treasuries (DATs) are identified as overhyped themes with limited 2026 impact. The overall trajectory points toward institutional adoption, with capital flowing primarily through regulated ETPs.

深潮12/18 03:07

2026 Grayscale Outlook: Ten New Investment Opportunities and False Hypes in Crypto

深潮12/18 03:07

Federal Reserve quietly reverses anti-crypto stance with new policy

The Federal Reserve has reversed its restrictive 2023 policy on "novel activities" and replaced it with a new framework that creates a clear pathway for banks to engage in digital-asset and blockchain innovation. Announced on 17 December, the move adopts a "same activity, same risks, same regulation" philosophy, allowing banks to pursue crypto-related services like custody, tokenization, and stablecoin integration if they demonstrate strong risk management. The policy shift enables both insured and uninsured state member banks to apply for innovative activities, benefiting crypto-focused institutions. This marks a significant regulatory pivot from discouraging crypto engagement to encouraging responsible innovation under supervision, aligning with broader U.S. efforts to integrate blockchain into mainstream finance.

ambcrypto12/17 23:22

Federal Reserve quietly reverses anti-crypto stance with new policy

ambcrypto12/17 23:22

Coins of the Year. How Cryptocurrency Traders Made Money on Gold

In 2025, while Bitcoin and most cryptocurrencies experienced significant volatility, gold consistently reached new all-time highs. Crypto investors gained exposure to this rally through gold-backed stablecoins, a niche asset class that became one of the year's top performers with returns of approximately 65%. The leading tokens, Paxos' PAXG and Tether's XAUT, saw their combined market capitalization surge past $4 billion, dominating the sector. Gold itself hit a record high above $4,380 per ounce in October. In contrast, Bitcoin, which also peaked in October, fell over 30% from its high and was down 8% year-to-date. The article highlights that gold confirmed its role as a safe-haven asset during a year of geopolitical tension, notably after Donald Trump administration's policies began, while Bitcoin's hedging properties were questioned. Gold's performance (+26%) significantly outpaced Bitcoin and major US stock indices like the NASDAQ (+17%) and S&P 500 (+12%).

RBK-crypto12/17 15:54

Coins of the Year. How Cryptocurrency Traders Made Money on Gold

RBK-crypto12/17 15:54

BitMEX Alpha: Could Western Union Be an Asymmetric Trade Opportunity in the Stablecoin Arena?

BitMEX Alpha explores whether Western Union (WU) represents an asymmetric investment opportunity in the stablecoin space. While stablecoins have reached a $250B market cap and serve as a critical "dollar API" for crypto, the most obvious investment target—Circle ($CRCL)—may not offer the best risk-reward due to high distribution costs and reliance on partners like Coinbase. In contrast, Western Union, with its established global distribution network of 200k+ physical agents and deep penetration in cash-heavy remittance corridors, is positioning itself to leverage stablecoin technology from the distribution side. WU already owns the last-mile channels that Circle must pay to access. By integrating its own dollar stablecoin (USDPT) and digital asset network, WU can maintain fee and FX spread revenue from its existing front-end while adding new income streams from on-chain settlement and float. WU trades at a distressed valuation (4x P/E, 10% dividend yield), pricing in digital disruption fears. However, it offers a deep-value, asymmetric bet on stablecoin adoption—a free option on its digital transformation, backed by strong cash flow. Circle, though a pure-play stablecoin issuer, faces margin compression and high customer acquisition costs. The report concludes that in the race for digital dollar adoption, controlling user access may be more valuable than minting tokens.

marsbit12/17 09:44

BitMEX Alpha: Could Western Union Be an Asymmetric Trade Opportunity in the Stablecoin Arena?

marsbit12/17 09:44

Crypto Is Dead, Long Live Crypto

Crypto Is Dead, Long Live Crypto The author argues that "crypto" as a self-contained, insular industry is dying. This is not a failure of the technology, but the demise of a closed ecosystem built by and for a narrow group of "crypto natives." This world, optimized for activities like yield farming, airdrops, and speculation, functions like a high-liquidity MMO game but has limited potential for mainstream adoption. The "death" signifies the end of this isolated world. Crypto will no longer be a separate industry but will instead integrate into everything else as a foundational technology. The label "crypto" will become a burden, and successful companies will simply be those that use blockchain without branding themselves as such. The future lies in serving "normal people," not just crypto natives. Success will be measured by users who benefit from the technology—like those using USDT for fast payments or stablecoins to hedge inflation—without knowing or caring how it works. The bottleneck is no longer user experience but intent: builders must create products that solve real-world problems. While the "casino" of speculation will persist, it will become just one vertical. The core values worth preserving are permissionless access, global liquidity, composability, and user ownership. The old playbook of liquidity mining and airdrops is failing; it merely recirculates capital within the same small group. Winners will be those who build for broad, real-world use cases in areas like payments and identity. Losers will be those who continue to serve only the crypto echo chamber. This transition may be difficult for early adopters whose identity is tied to the industry, but it is the inevitable path of any successful foundational technology. The mission was never to turn everyone into a crypto native, but to build tools that improve the world—even if the world forgets their name.

marsbit12/17 09:16

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025

Tokenization of real-world assets (RWA) continues to grow, reaching a market size of $200 billion, while stablecoins ($3100B) are becoming critical infrastructure for payments and digital banking. Prediction markets and perpetual contracts are also seeing record activity. In the top tier, BTCFi is gaining traction as Bitcoin becomes productive capital, and privacy solutions are increasingly important for institutional adoption. AI remains a major area of interest, and DeFi is shifting toward consumer applications with all-time high TVL. Emerging areas like chain abstraction and InfoFi are reducing user friction and refining data markets, though they are still developing. Robotics and ZK-technology remain more promising in theory than practice. Meanwhile, staking and restaking face yield compression and complexity, and DePIN struggles with real-world integration. L1/L2 development is slowing as value shifts to applications. SocialFi and GameFi still lack sustainable user retention or product-market fit. NFTs remain stuck in speculative JPEG trading, meme coins are losing dominance, and modular blockchains, while architecturally significant, lack compelling investment narratives.

marsbit12/17 08:53

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025