The next stop for stablecoins is not hype, but "fixing pipes"

[Plain Language Guide] What really makes money may not be another stablecoin application shell, but the layer of "dirty and tiring work" that no one wants to do but institutions cannot do without — compliance, settlement, fiat on/off ramps, and cross-border settlement.
Trace Finance founder bluntly says: many projects are just adding another layer of marketing on a "hollow burger", essentially still vaporware. But when Brazil and the US have begun to incorporate stablecoins into formal regulatory frameworks, the true moat may have shifted from narrative to licenses, banking channels, and execution capability.
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