---
title: "Stablecoins: The New Financial Infrastructure? USDT, USDC & Payments"
description: "How USDT, USDC and tokenised money are reshaping global payments, and the reserve, redemption, regulatory and operational risks institutions must assess."
url: https://joviantan.com/insights/stablecoins-new-financial-infrastructure
---

Digital Assets & Finance · 3 November 2026· 15 min read

# Stablecoins: The New Financial Infrastructure?

Beyond Crypto Trading: The Race to Build the Next Generation of Global Payments

By [Dr. Jovian Tan](https://joviantan.com/about) ·Published 3 November 2026

[![Illustration titled Stablecoins: The New Financial Infrastructure? How USDT, USDC and Tokenised Money Are Reshaping Global Payments. USDT and USDC coins stand before a glowing globe and a bank building, beside panels labelled global payments, cross-border settlement, RWA tokenisation and programmable money](https://joviantan.com/_img/images/insights/stablecoins-new-financial-infrastructure-v2-1920.webp)

View the image full size](https://joviantan.com/images/insights/stablecoins-new-financial-infrastructure-v2.png) 

Illustration, not a photograph. The coins show the USDT and USDC logos.

**In this article**

Stablecoins are often described as the plumbing of crypto markets. That description is no longer sufficient. Dollar-pegged tokens now sit at the intersection of digital-asset trading, cross-border transfers, institutional settlement, tokenised securities and treasury operations. The more important question is no longer whether stablecoins can move value on a blockchain. It is whether they can become dependable financial infrastructure, and what must change before businesses and institutions treat them as such.

The distinction matters. A token that trades close to one US dollar is not automatically equivalent to a bank deposit, a money-market fund share or a universally redeemable claim on cash. Its reliability depends on the issuer, reserve assets, legal rights, redemption channels, banking partners, blockchain infrastructure and the laws of the jurisdictions in which it is issued and used.

[![Diagram headed The stablecoin trust stack, showing six layers the payment promise rests on: issuer governance, reserve quality and custody, legal claim and redemption, banking access, blockchain and smart contracts, and wallet or intermediary controls. Below: a weakness in one layer can undermine the whole payment promise](https://joviantan.com/images/insights/stablecoin-trust-stack.png)View the image full size](https://joviantan.com/images/insights/stablecoin-trust-stack.png) 

The stablecoin trust stack: each layer has to hold.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#1-what-exactly-is-a-stablecoin)1\. What exactly is a stablecoin?

A stablecoin is a digital asset designed to maintain a relatively stable value against a reference asset, most commonly a national currency such as the US dollar. The term covers different structures, however, and the structures do not carry identical risks.

- **Fiat- or asset-backed stablecoins** are issued against reserves such as cash, bank deposits, short-term government securities or other permitted assets.
- **Crypto-collateralised stablecoins** use other digital assets as collateral, often with over-collateralisation and liquidation mechanisms.
- **Algorithmic or partially collateralised designs** attempt to maintain a target price through market incentives, supply adjustments or linked tokens. These designs can be especially vulnerable when confidence disappears.

For payment and institutional use, the central questions are practical: What is the holder's legal claim? Who holds the reserves? Can the holder redeem at par? How quickly? Under what conditions? What happens if the issuer, custodian, bank or blockchain fails?

A blockchain transfer may settle in seconds, but that does not mean the recipient has received bank money. The recipient still needs a usable wallet, a compliant service provider and a reliable route to convert the token into local currency or spend it.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#2-usdt-and-usdc-two-dominant-models-not-interchangeable-products)2\. USDT and USDC: two dominant models, not interchangeable products

Tether's USDT and Circle's USDC dominate the dollar stablecoin market. The [Federal Reserve Bank of New York reported](https://libertystreeteconomics.newyorkfed.org/2026/07/stablecoins-and-noncrypto-shocks-a-2026-update/) in July 2026 that USDT and USDC together accounted for more than 80% of stablecoin industry assets. An [IMF paper published in October 2026](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/10/09/foreign-currency-stablecoins-initial-considerations-on-policies-to-manage-and-enhance-579417) estimated that the two together account for roughly 90% of the stablecoin market. Differences in measurement dates and market coverage explain why market-share estimates vary.

[![Bar chart headed Two issuers dominate the market: USDT and USDC combined hold about 90% of the stablecoin market and other issuers about 10%. Source: IMF Departmental Paper No. 2026/021, October 2026, rounded](https://joviantan.com/images/insights/stablecoin-market-share.png)View the image full size](https://joviantan.com/images/insights/stablecoin-market-share.png) 

Approximate market share, rounded. Estimates vary by source and date.

The products should not be treated as identical simply because both target one US dollar.

Dimension

USDT

USDC

Issuer

Tether

Circle

Primary role

Deep liquidity across global crypto markets and payment corridors

Exchange settlement, payments and institutional digital-dollar use

Reserve transparency

Publishes reserve reports and quarterly assurance reports; review the latest report and its scope

Publishes reserve information and monthly third-party assurance; reserve composition is disclosed

Key diligence questions

Reserve composition, concentration, redemption eligibility, banking/custody arrangements and legal recourse

Reserve custody, banking concentration, redemption terms, intermediary access and operational dependencies

The table is a high-level comparison, not a credit rating. Issuer disclosures are not a substitute for independent legal, financial and operational due diligence. The reserve composition of each issuer can change over time, so readers should consult the latest primary disclosures from [Tether](https://tether.to/transparency/) and [Circle](https://www.circle.com/transparency) rather than rely on a static comparison.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#3-how-does-a-stablecoin-maintain-its-peg)3\. How does a stablecoin maintain its peg?

In a conventional reserve-backed model, the issuer creates tokens when eligible customers deposit funds or otherwise satisfy issuance conditions. Tokens are burned or cancelled when they are redeemed. The reserve pool is intended to support outstanding tokens.

**Simplified lifecycle**

1. **Mint:** An eligible customer transfers fiat funds to the issuer or an authorised intermediary.
2. **Issue:** The issuer creates an equivalent quantity of tokens under its issuance rules.
3. **Transfer:** Tokens move between wallets over a supported blockchain network.
4. **Redeem:** An eligible holder submits tokens for redemption, subject to the issuer's terms, checks, fees and banking rails.
5. **Burn:** Redeemed tokens are removed from circulation and the corresponding fiat value is paid out.

[![Diagram headed How a reserve-backed stablecoin moves, with five linked steps: fiat funding, where the customer funds the issuer; mint, where tokens are created; on-chain transfer from wallet to wallet; redeem, where an eligible holder submits tokens; and fiat payout by the issuer or a partner. Minting and redemption depend on issuer terms, eligibility checks and banking access](https://joviantan.com/images/insights/stablecoin-lifecycle.png)View the image full size](https://joviantan.com/images/insights/stablecoin-lifecycle.png) 

A simplified lifecycle. Real issuance and redemption depend on the issuer's terms.

The market price can still move away from one dollar. If confidence weakens, redemption becomes difficult, liquidity dries up or market makers withdraw, a token may trade below its target. Conversely, access restrictions or demand spikes can push it above par.

The peg is therefore not created by the blockchain. It is supported by a combination of reserve quality, credible redemption, market liquidity, governance and confidence.

[![Diagram headed The reserve model: what supports the token? The issuer creates and redeems tokens; the reserve pool holds cash, deposits and T-bills; custody and banks provide safekeeping and cash rails; the holder owns contractual rights. Trust requires reserve quality, legal rights and credible redemption. Actual reserve composition and legal claims vary by issuer](https://joviantan.com/images/insights/stablecoin-reserve-model.png)View the image full size](https://joviantan.com/images/insights/stablecoin-reserve-model.png) 

The reserve model, simplified. Composition and legal claims vary by issuer.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#4-the-economics-where-does-the-money-go)4\. The economics: where does the money go?

A reserve-backed stablecoin issuer may earn income by investing backing assets in permitted instruments, commonly short-term government securities, cash equivalents or bank deposits. The issuer's gross economics can be represented as:

**Reserve income – distribution and banking costs – operating expenses – compliance costs – insurance or liquidity costs – taxes = potential operating profit.**

The exact model varies by issuer and distribution agreement. Exchanges, wallet providers and payment partners may receive a share of economics or charge their own fees. The issuer may also bear costs for reserve management, audits or attestations, liquidity facilities, technology, customer support and regulatory capital.

A simple illustration shows why scale and interest rates matter. Assume an issuer has US$10 billion of average reserve assets and earns a gross annual yield of 4%. Gross annual reserve income would be approximately US$400 million before expenses, partner sharing, taxes and other adjustments. This is an illustration, not a statement of any issuer's actual yield or profit.

This model also creates a policy tension. A payment token can be highly useful while its backing assets generate income for the issuer. But if users expect the token itself to pay interest, it may begin to resemble an investment or deposit product and attract different regulatory treatment. In the EU, [MiCA](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng) restricts interest payments to holders of asset-referenced tokens and e-money tokens. The US GENIUS Act establishes a federal framework for payment stablecoins and prohibits issuers from paying interest or yield solely for holding a payment stablecoin, subject to the Act's terms.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#5-stablecoins-versus-traditional-banking-rails)5\. Stablecoins versus traditional banking rails

Stablecoins can offer continuous transfer availability, programmable settlement and direct movement across supported blockchain networks. Traditional correspondent banking remains deeply embedded in global commerce, with established compliance controls, bank relationships, foreign-exchange services, dispute processes and access to local payment systems.

The comparison is not simply “blockchain is fast, banks are slow”. A blockchain transaction can confirm quickly while the full payment journey remains delayed by screening, conversion, liquidity, bank cut-off times, compliance review or local payout processes.

Feature

Stablecoin rail

Traditional correspondent banking

Availability

Blockchain networks can operate 24/7

Often constrained by bank operating hours and cut-offs

Settlement

On-chain transfer may confirm in seconds or minutes

Cross-border end-to-end timing varies by corridor and institutions

Transparency

Public-chain transactions can be independently tracked, subject to privacy and attribution limits

Tracking and status visibility vary by bank and payment network

Programmability

Smart contracts can automate conditional transfers

Automation is possible but often depends on multiple legacy systems

Compliance

Requires wallet, issuer, intermediary and transaction controls

Established bank AML, sanctions and payment controls

Last mile

Requires local conversion, payout or merchant acceptance

Uses existing bank accounts and local payment rails

Stablecoins may be most compelling where conventional infrastructure is fragmented, expensive or unavailable around the clock. But their advantage must be measured end-to-end, including on-ramp, off-ramp, foreign-exchange spread, compliance, custody and failed-payment handling.

[![Comparison headed Two payment rails, different trade-offs. Stablecoin rail: often 24/7, on-chain confirmation, smart-contract logic, off-ramp or merchant access. Correspondent banking: bank hours and cut-offs, multi-bank process, legacy integration, local bank rails. End-to-end cost, compliance and conversion matter more than speed alone](https://joviantan.com/images/insights/stablecoin-payment-rails.png)View the image full size](https://joviantan.com/images/insights/stablecoin-payment-rails.png) 

Stablecoin and correspondent-banking rails compared.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#6-can-stablecoins-replace-swift)6\. Can stablecoins replace SWIFT?

Not in the simple sense often implied by headlines. SWIFT is primarily a secure financial messaging network. It transmits payment instructions and related information; it is not itself the money being transferred or the settlement asset in every transaction.

Stablecoins could compete with or complement parts of the correspondent-banking and settlement process. They can move a digital dollar between wallets without requiring every transfer to pass through the same chain of correspondent banks. Yet they do not eliminate the need for regulated institutions, identity checks, sanctions screening, local currency conversion, liquidity providers or legal settlement arrangements.

In July 2026, [SWIFT announced](https://www.swift.com/about-us/media-centre/press-releases/swifts-blockchain-ledger-ready-use-17-banks-set-pioneer-tokenised-cross-border-payments-trusted-global-infrastructure) that its blockchain-based ledger was ready for initial use, with 17 banks from six continents preparing to pilot tokenised-deposit transactions for 24/7 cross-border payments. That development is important: established financial networks are not standing still. The likely future is a mix of interoperable bank money, tokenised deposits, regulated stablecoins and existing payment systems.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#7-regulation-the-rules-are-becoming-part-of-the-product)7\. Regulation: the rules are becoming part of the product

Stablecoin regulation is moving from broad policy debate to detailed licensing, reserve, redemption, disclosure and supervision requirements.

**United States.** The GENIUS Act was enacted on 18 July 2025. It creates a federal framework for payment stablecoin issuers, including reserve, redemption, supervision and compliance requirements. On 21 October 2026, the [Office of the Comptroller of the Currency published a final rule](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html) implementing parts of the Act for entities under its jurisdiction. The OCC stated that the rule would take effect on 18 January 2027. Implementation remains a process, not a single completed event.

**European Union.** The Markets in Crypto-Assets Regulation (MiCA) establishes rules for crypto-asset issuers and service providers. It distinguishes e-money tokens, which reference one official currency, from asset-referenced tokens, which reference other assets or baskets. It sets requirements around authorisation, reserves, redemption, governance and disclosures.

**Singapore.** The Monetary Authority of Singapore has developed a single-currency stablecoin framework. In September 2026, MAS [consulted on legislative amendments](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework) to implement the framework under the Payment Services Act. The consultation is a regulatory development, not evidence that every stablecoin marketed in Singapore is MAS-regulated.

**Malaysia.** Malaysia's policy direction is evolving. [Bank Negara Malaysia announced in February 2026](https://www.bnm.gov.my/-/daih-upd) that three initiatives would test ringgit stablecoins and tokenised deposits in a controlled environment, with wholesale payment use cases including domestic and cross-border settlement and tokenised-asset settlement. BNM said it intended to provide greater clarity on ringgit stablecoins and tokenised deposits by the end of 2026. The [Digital Asset Innovation Hub lists](https://www.bnm.gov.my/DAIH) initiatives involving Standard Chartered Bank Malaysia and Capital A for ringgit stablecoins, and Maybank and CIMB for tokenised deposits. Separately, the [Securities Commission](https://www.sc.com.my/digital-assets) regulates digital-asset trading, issuance and safekeeping within its capital-market remit. These are distinct regulatory functions. A foreign-currency stablecoin being available on a platform does not by itself mean it is legal tender or an authorised general payment instrument in Malaysia.

For businesses, the lesson is straightforward: licensing and compliance cannot be bolted on after the product is built. Issuer status, distribution permissions, payment services, remittance rules, foreign-exchange policy, AML/CFT obligations, custody and consumer disclosures must be mapped market by market.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#8-the-risks-that-the-marketing-often-leaves-out)8\. The risks that the marketing often leaves out

**Reserve and liquidity risk.** Assets may be high quality but still difficult to access during stress. Maturity, concentration, custody, encumbrance and liquidity management all matter.

**Redemption risk.** A public token holder may not have direct redemption access with the issuer. Minimum sizes, eligibility rules, fees, banking access and jurisdictional restrictions can create a gap between the market price and the promised redemption value.

**Bank and custodian risk.** Stablecoin issuers depend on banks, custodians, money-market funds and other service providers. The failure or restriction of one provider can disrupt access even if the token contract continues to function.

**Technology and network risk.** Smart-contract vulnerabilities, compromised keys, chain congestion, outages, bridge exploits and operational errors can impair transfers. A token issued on multiple chains introduces additional supply-control and bridge-risk questions.

**Governance and freeze risk.** Some stablecoins can be frozen or blacklisted by the issuer under specified circumstances. This may support sanctions compliance and law-enforcement processes, but it also means that token holders do not have the same control as they would over an unrestricted bearer asset.

**Depegging and market risk.** Confidence shocks, market liquidity shortages or doubts about reserves can cause a token to trade below par. “Stable” describes the design objective, not a guarantee of uninterrupted market value.

**Financial-system and monetary risks.** Large-scale foreign-currency stablecoin use may affect domestic currency demand, capital flows, bank funding and monetary-policy transmission. The [IMF's 2026 work](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/10/09/foreign-currency-stablecoins-initial-considerations-on-policies-to-manage-and-enhance-579417) highlights both potential payment benefits and macro-financial risks, particularly where foreign-currency stablecoins become widely used outside their issuing jurisdictions.

[![Map headed Where stablecoin risks concentrate. Issuer and asset layer: reserve and liquidity, redemption access, bank or custodian. Technology and market layer: smart contract or chain, freeze or governance, depeg or market. Controls should span issuer, intermediary, wallet and network](https://joviantan.com/images/insights/stablecoin-risk-map.png)View the image full size](https://joviantan.com/images/insights/stablecoin-risk-map.png) 

Where stablecoin risks concentrate.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#9-the-next-phase-tokenised-deposits-programmable-money-and-real-world-settlement)9\. The next phase: tokenised deposits, programmable money and real-world settlement

The future is unlikely to be a single winner taking all. Three forms of digital money may coexist:

1. **Stablecoins:** privately issued digital claims designed to maintain value against a reference currency or asset.
2. **Tokenised deposits:** digital representations of commercial-bank deposits, remaining liabilities of the issuing bank and subject to the relevant banking framework.
3. **Central bank digital currency (CBDC):** a digital liability of the central bank, with design and access depending on the jurisdiction and use case.

They are not interchangeable. Their legal nature, issuer, settlement finality, risk profile and access model differ.

[![Diagram headed The future is likely to be hybrid. Stablecoins (a private issuer claim), tokenised deposits (a commercial bank liability) and central bank money (a central bank liability) all connect to interoperable financial rails for payments, settlement and treasury](https://joviantan.com/images/insights/stablecoin-future-money.png)View the image full size](https://joviantan.com/images/insights/stablecoin-future-money.png) 

Three forms of digital money, likely to coexist.

Programmable money could enable conditional supplier payments, automated escrow, delivery-versus-payment settlement for tokenised securities, machine-to-machine payments and more efficient treasury operations. In each case, the business value comes not from putting money on a blockchain for its own sake, but from reducing reconciliation friction, improving availability or enabling a transaction that was previously difficult to automate.

For real-world asset (RWA) markets, stablecoins may become a settlement leg. But tokenised ownership and payment settlement are separate problems. A tokenised bond or property interest still needs enforceable legal rights, reliable registries, custody, investor protections and a functioning secondary market. A stablecoin can help pay for the asset; it cannot make the asset's legal claim valid.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#10-what-should-institutions-evaluate-before-adopting-stablecoins)10\. What should institutions evaluate before adopting stablecoins?

A serious institutional assessment should cover at least seven areas:

- **Legal claim:** Identify the issuer, governing law, holder rights, insolvency treatment and redemption entitlement.
- **Reserve quality:** Review asset composition, maturity, liquidity, concentration, custody and independent assurance.
- **Redemption mechanics:** Confirm eligibility, minimums, fees, processing times, jurisdictions and available fiat payout channels.
- **Compliance controls:** Assess KYC, sanctions screening, transaction monitoring, Travel Rule obligations where applicable, wallet risk and record retention.
- **Technology:** Evaluate supported chains, smart contracts, key management, cyber controls, incident response, recovery and bridge exposure.
- **Operational resilience:** Test liquidity arrangements, service-provider dependencies, business continuity and reconciliation.
- **Economic case:** Compare total end-to-end cost and time against existing rails, including FX spreads, custody, compliance, network fees and off-ramp charges.

Start with a narrow use case, such as treasury transfers between known entities or settlement of a specific tokenised asset. Define limits, counterparties, approved wallets, escalation procedures and reconciliation controls before expanding.

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#conclusion-infrastructure-is-earned-not-declared)Conclusion: infrastructure is earned, not declared

Stablecoins have demonstrated that value can move across blockchain networks continuously and globally. They have also exposed the complexity hidden behind the simple promise of a one-dollar token. Trust depends on reserves, redemption, law, banks, technology and governance working together.

The next competitive phase will not be decided by transaction speed alone. It will be decided by who can deliver reliable redemption, transparent reserves, compliant distribution, interoperability and useful integration with the real economy.

Stablecoins may become an important layer of global financial infrastructure. But they will not replace every bank, payment network or form of money. The more realistic outcome is a hybrid financial system in which regulated stablecoins, tokenised deposits, central-bank money and traditional payment rails connect through increasingly programmable infrastructure.

The question for institutions is therefore not simply, “Which stablecoin should we use?” It is: **What financial obligation are we accepting, who stands behind it, and can we reliably turn it back into money when it matters?**

* * *

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#sources-and-further-reading)Sources and Further Reading

1. **International Monetary Fund, "Foreign Currency Stablecoins: Initial Considerations on Policies to Manage and Enhance Macro-Financial Stability", Departmental Paper No. 2026/021, 9 October 2026.** USDT and USDC's combined share of the stablecoin market, and the payment benefits and macro-financial risks of foreign-currency stablecoins. [Read the paper](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2026/10/09/foreign-currency-stablecoins-initial-considerations-on-policies-to-manage-and-enhance-579417).
    
2. **Federal Reserve Bank of New York, Liberty Street Economics, "Stablecoins and (Non)Crypto Shocks: A 2026 Update", 31 July 2026.** USDT and USDC's share of stablecoin industry assets. [Read the article](https://libertystreeteconomics.newyorkfed.org/2026/07/stablecoins-and-noncrypto-shocks-a-2026-update/).
    
3. **Board of Governors of the Federal Reserve System, FEDS Notes, "Stablecoins in 2025: Developments and Financial Stability Implications", 8 April 2026.** Further reading on market developments and financial stability. [Read the note](https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html).
    
4. **Circle, "Transparency".** USDC reserve composition and monthly third-party assurance. [Read the disclosures](https://www.circle.com/transparency).
    
5. **Tether, "Transparency".** USDT reserve reports and assurance. [Read the disclosures](https://tether.to/transparency/).
    
6. **Office of the Comptroller of the Currency, "GENIUS Act Regulations: Final Rule", Bulletin 2026-50, 21 October 2026.** The final rule, its scope and its effective date, and the GENIUS Act's enactment on 18 July 2025. [Read the bulletin](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html).
    
7. **European Union, "Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)", 31 May 2023.** E-money tokens, asset-referenced tokens and the restriction on paying interest to holders. [Read the regulation](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng).
    
8. **Monetary Authority of Singapore, "MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework", 1 September 2026.** The consultation on bringing the single-currency stablecoin framework into the Payment Services Act. [Read the release](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework).
    
9. **Bank Negara Malaysia, "Digital Asset Innovation Hub Charts 2026 Strategy with Focus on Ringgit Stablecoins and Tokenised Deposits", 11 February 2026.** The three initiatives, their wholesale payment use cases and the end-2026 timeline. [Read the release](https://www.bnm.gov.my/-/daih-upd).
    
10. **Bank Negara Malaysia, "Digital Asset Innovation Hub".** The initiatives listed, including Standard Chartered Bank Malaysia and Capital A, Maybank and CIMB. [Read the page](https://www.bnm.gov.my/DAIH).
     
11. **Securities Commission Malaysia, "Digital Assets".** The SC's regulation of digital asset trading, issuance and safekeeping. [Read the page](https://www.sc.com.my/digital-assets).
     
12. **Swift, "Swift's blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments on trusted global infrastructure", 9 July 2026.** The ledger's readiness for initial use and the 17 banks preparing pilots. [Read the release](https://www.swift.com/about-us/media-centre/press-releases/swifts-blockchain-ledger-ready-use-17-banks-set-pioneer-tokenised-cross-border-payments-trusted-global-infrastructure).
     
13. **Bank for International Settlements, Boris Hofmann, Matthias Kaldorf and Matthias Rottner, "The macroeconomics of stablecoins", BIS Working Paper No. 1363, 23 June 2026.** Further reading on how stablecoins may affect bank lending and government borrowing costs. [Read the paper](https://www.bis.org/publications/working-paper-1363-macroeconomics-stablecoins).
     

* * *

## [#](https://joviantan.com/insights/stablecoins-new-financial-infrastructure#editorial-note)Editorial note

Market figures and regulatory status are time-sensitive. Figures are tied to the dates and methodologies of the cited sources. This article is educational and does not constitute legal, investment, tax or financial advice.

Sources last checked on 3 November 2026.

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About the author

[Dr. Jovian Joris Tan Chern Chian](https://joviantan.com/about), professionally known as Dr. Jovian Tan, is a Kuala Lumpur-based technology entrepreneur and the founder and Chief Technology Officer of Bitara, working across blockchain, Web3 infrastructure, AI infrastructure and digital financial infrastructure.

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