Ask a treasury manager what they think about stablecoins and you will usually get one of two answers. Either enthusiastic nodding followed by “we are monitoring the space,” which means nothing is happening, or genuine curiosity from someone who has run the numbers and cannot quite justify pulling the trigger yet. Both responses made sense until recently. Then the US passed the GENIUS Act in July 2025, Europe finished building out MiCA, and about six other major jurisdictions decided more or less simultaneously that stablecoins were a payment...
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