1. From Issuer to Infrastructure: The Birth of the Stablecoin-Native Chain For years stablecoins quietly ate the world—cross-border payroll, OTC desks, remittance corridors, even sovereign NOSTRO accounts. Now the issuers want the rails themselves. Circle (USDC) and Stripe (USDT/USD-denominated checkout volume > $1 T yr⁻¹) are no longer content to rent blockspace; they are pouring concrete. The goal is not another smart-contract playground but a settlement layer purpose-built for programmable...

1. From Issuer to Infrastructure: The Birth of the Stablecoin-Native Chain For years stablecoins quietly ate the world—cross-border payroll, OTC desks, remittance corridors, even sovereign NOSTRO accounts. Now the issuers want the rails themselves. Circle (USDC) and Stripe (USDT/USD-denominated checkout volume > $1 T yr⁻¹) are no longer content to rent blockspace; they are pouring concrete. The goal is not another smart-contract playground but a settlement layer purpose-built for programmable...