Stablecoins became the most successful product in crypto in 2025, not because of speculation, but because they finally work at real-world scale.
Regulation unlocked banks. Issuance is commoditizing. Utility and distribution now decide the winners.
Payments, FX, remittances, RWAs, yield, and credit are moving onchain.
The era of accumulation is ending. The era of utility is beginning.
