Tokenization · 54 pages
Stablecoins as Settlement Infrastructure
Regulated dollar and euro stablecoins in the cross-border stack
Published August 15, 2025
Abstract
A practitioner view of where regulated stablecoins now function as settlement infrastructure, the corridors most affected, and the regulatory frame defining the addressable opportunity.
Key findings
- ▍Regulated stablecoins have crossed from speculative instrument to settlement instrument in narrow but durable use cases.
- ▍MiCA in Europe and parallel U.S. frameworks are concentrating issuance among fully compliant operators.
- ▍Treasury sweeping and B2B settlement are the largest production use cases by volume.
- ▍Counterparty risk on the issuer remains the dominant adoption constraint.
Market structure
Issuer concentration, reserve composition, and the regulatory boundary.
Cross-border corridors
Where stablecoins outperform correspondent banking and where they do not.
Bank response
Tokenized deposits, on-chain settlement experiments, and the convergence map.
Sources & References
- Bank for International Settlements - Payments, Clearing & Settlement
- International Monetary Fund - Fintech Notes
- JPMorgan Chase - Payments Research
- SWIFT - Payments Modernization
External references are cited for context and discovery. CashlessTechnology.com is not affiliated with the listed organizations unless explicitly stated.