The jury might still be out, but if they are, it’s likely due to the emerging impact of stablecoins. What distinguishes today’s stablecoin conversation from earlier digital-payment innovations is their growing reach into corporate treasury. Unlike card networks or real-time payment schemes, stablecoins can function as both a transfer mechanism and a store of value that moves across platforms without reconciliation friction.

This means that stablecoins promise what treasurers call continuous liquidity, or the ability to reposition cash instantly, even outside banking hours. For organizations managing large working-capital cycles or…