Beyond the investment case, the technology promises faster settlement, lower transaction costs and more efficient ways to move money across borders.

The attraction is particularly strong in Asia, where businesses have long contended with fragmented banking systems and the delays and expense of correspondent banking. Stablecoin-based settlement offers the potential to move funds almost instantly, reducing reliance on intermediary banks and freeing up capital more quickly.

Yet many institutions have remained cautious, held back less by the assets themselves than by questions around compliance, insurance and fiduciary responsibility.

As regulatory clarity improves, attention is shifting from access to infrastructure. Custody is becoming the…