That is the flaw volatility exposes. Markets have become faster, more global and more interconnected, while capital movement remains slow and fragmented. Closing that gap requires a different way of thinking about cash, collateral and settlement.

Stablecoins are no longer peripheral

Settlement remains one of the weakest links in capital markets. Institutions can execute trades globally in milliseconds, but the transfer of value that supports those trades can still take days. That delay creates funding pressure, operational risk and unnecessary capital drag.

This is where stablecoins become relevant to institutional markets. Strip away the noise and the use case is straightforward: they allow cash-like value to move with the speed and…