Digital asset treasury companies, playing the role of a canary in a coal mine, are suffering losses even steeper than the underlying tokens they were designed to leverage. Shares of several publicly traded bitcoin treasury companies have fallen by more than 80%, with Nakamoto down almost 100%, Twenty One Capital down 84% and Metaplanet down more than 80%.

Amid the familiar turbulence of speculative crypto cycles, however, stablecoins are behaving as if the downturn barely matters at all.

In the past week alone, banks, card networks, FinTechs and crypto-native firms accelerated a series of moves that collectively signal a growing investment into the next phase of…