Stablecoins are one of the most important innovations and clearest product-market fits in crypto. They move faster than traditional payment rails, settle globally, and operate around the clock.
But there’s a gap in the infrastructure: Stablecoins aren’t yet fungible with each other.
Today, if a business receives USDC but needs USDT, or holds one issuer’s stablecoin and needs to settle in another, the process involves decentralized exchange or DEX swaps with slippage, over-the-counter (OTC) desks with minimum sizes, or manual conversions through multiple intermediaries. For stablecoins to function as true money infrastructure, businesses need to move between these as easily as they move between dollars at different banks.Â
