CoinDesk
Stablecoins are moving out of crypto trading and into the plumbing of global finance, with B2B cross-border payments, treasury transfers, and liquidity management now driving the bulk of activity rather than exchange-based speculation, according to a CoinDesk Crypto for Advisors analysis by Sam Boboev, CEO of Fintech Wrap Up. Boboev frames the transition as a third structural phase for the asset class — first trading liquidity, then DeFi collateral, now real-world financial operations — with institutional users rather than retail flows leading adoption.
The shift is being reinforced by Wall Street's own internal build-out. At CoinDesk's Consensus conference in Miami last week, which drew 15,000 registered attendees from 110+ countries, panelists told advisors that major institutions are roughly five years into integrating digital assets and are now scaling programs to bring tens of thousands of internal advisors up to speed. One major bank's digital assets division is going vertical-first — building governance, compliance, and risk frameworks inside a single product line before expanding client access — while other firms are pursuing broad internal alignment across risk committees and RIA channels before going to market.
Why it matters
The competitive frame for stablecoins is no longer other crypto assets — it is correspondent banking, card networks, and FX infrastructure. Boboev argues that stablecoins compress multi-day correspondent settlements into near-real-time programmable transfers operating continuously across borders, which changes how corporate treasury teams deploy and control liquidity. Charles Schwab's rollout of spot BTC and ETH trading to its roughly 40 million clients, paired with JP Morgan's filing for a tokenized Treasury money market fund ($JLTXX) structured as GENIUS Act-compliant reserve assets for stablecoin issuers, suggests the rails are being laid in parallel from both ends — distribution on one side, compliant reserves on the other.
Market impact
The structural read for advisors is that demand has moved from speculative to operational. Panelists at Consensus framed the risk calculus inverting — where once it was asymmetric to hold crypto, the asymmetric risk now is not holding it. Institutional-grade custody and advisor education remain the gating constraints, not client appetite. With the U.S.
Frequently asked questions
-
What is the third phase of stablecoin adoption described in the article?
According to Sam Boboev of Fintech Wrap Up, stablecoins have moved through three phases: trading liquidity in early years, DeFi collateral as decentralized finance expanded, and now real-world financial operations — primarily B2B cross-border payments, corporate treasury transfers, and liquidity management led by…
-
How are Wall Street institutions approaching crypto integration?
Panelists at Consensus Miami said major institutions are roughly five years into the build and described two approaches: a vertical-first model where a major bank's digital assets division builds governance and compliance in a single product line before expanding, and a broad-alignment model where firms bring risk…
-
What did Charles Schwab announce regarding crypto trading access?
Charles Schwab began rolling out access to spot bitcoin and ether trading to its roughly 40 million clients, marking one of the largest distribution expansions for direct crypto trading by a major US brokerage.
-
What is JP Morgan's $JLTXX filing and why does it matter?
JP Morgan filed to launch $JLTXX, a tokenized Treasury money market fund designed to serve as GENIUS Act-compliant reserve assets for stablecoin issuers — meaning the bank is positioning to supply the high-quality liquid reserves that regulated stablecoins will need to meet forthcoming US standards.
-
Why are stablecoins now compared to correspondent banking rather than other crypto assets?
Boboev argues that stablecoins compete directly with correspondent banking networks, card payment systems, and FX infrastructure by compressing multi-day settlements into near-real-time programmable transfers that operate continuously across borders, making operational efficiency rather than speculative trading the…
WatcherGuru
CryptoSlate
Crypto News
TheBlock
Lookonchain
CoinTelegraph