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Stablecoins
2026-09-02 01:24:23

Stablecoin use is clustering around liquidity, settlement and treasury flows, not coffee purchases

A ChainCatcher article argues that the largest real-world stablecoin flows today are not centered on consumers buying coffee with USDC, but on trading venues, market makers, cross-border settlement, treasury operations, B2B trade, payouts and dollar access in emerging markets. Citing data shared by Triple-A founder Eric Barbier, the piece says Triple-A’s TPV doubled from July 2025 to July 2026, while TPV from trading platforms, exchanges and market makers rose 150% and now contributes roughly two-thirds of the company’s total. The article also points to Codex, which said its monthly volume has reached about $1.2 billion, while its newly launched 1:1 USDT-USDC conversion product, Codex Par, is already processing hundreds of millions of dollars per month on its own. The author’s central argument is that large stablecoin volume figures can be misleading if they are automatically read as merchant payments or remittances. A significant share of that activity may instead come from swaps, arbitrage, liquidity rebalancing, account funding and treasury movement. From African outbound liquidity corridors to B2B export settlement, gaming payouts, ad-spend funding and high-banking-friction sectors such as forex and CFDs, the article presents stablecoins as infrastructure that plugs into the most expensive, slowest or least connected part of an existing financial workflow. It also argues that once stablecoin-based payment and settlement flows become stable enough, credit products are likely to emerge on top of them.

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Stablecoin use is clustering around liquidity, settlement and treasury flows, not coffee purchases