Who Really Runs Stablecoin Settlement? A Structural Analysis
BeInCrypto
Institutional finance now relies on a concentrated infrastructure of stablecoin issuers, distributors, and custodians rather than traditional correspondent banking.Summary
Stablecoin infrastructure has become the primary settlement layer for institutional finance, handling trillions in volume. This system is defined by a concentrated stack: Circle and Paxos act as the primary minters, market makers like Coinbase and Wintermute manage distribution, and providers like Fireblocks handle custody. Major financial institutions—including Visa, Mastercard, Stripe, and PayPal—have bypassed legacy banking rails by integrating these specific service providers, effectively centralizing institutional capital movement around a few key crypto-native entities.
(Source：BeInCrypto)