Stablecoin Rails
zack@zacklabadie
−3.9%
since Oct 7
The idea
I believe crypto is becoming the rails for global finance, and stablecoins are the part already moving real money through the system. This basket owns the companies building that infrastructure rather than the coins themselves: issuers and crypto-native platforms earning stablecoin revenue, the payment networks wiring them into everyday spending, custodians holding reserves, and emerging-market fintechs where dollar-stablecoin demand runs strongest.
What it owns
- Established payment networks are integrating stablecoins into cards, payouts and merchant settlement infrastructure. · VisaIt has live stablecoin settlement and is integrating dollar tokens into the card network that merchants already use for everyday commerce., MastercardIt is building stablecoin payouts into its network, serving as a bridge between digital dollars and established merchant infrastructure., PayPal HoldingsIt issues its own stablecoin and operates a major payments network, positioning itself to connect traditional commerce with stablecoin settlement., BlockIt brings crypto payment rails to millions of small merchants through Square and Cash App, enabling mainstream adoption at the point of sale., Western UnionIt operates in remittance corridors where stablecoins reduce cost and settlement time, positioning a potential transition from legacy rails to digital dollars.29%
- Exchanges and on-chain finance firms generate revenue as stablecoin activity grows on their networks. · Coinbase GlobalIt shares in USDC revenue and operates the main US platform where stablecoins reach retail users, earning from growth in on-chain payment activity., Robinhood MarketsIt provides the on-ramp where retail users first enter crypto, which is essential as new stablecoin rails need broad adoption channels., Galaxy DigitalIt builds and finances on-chain infrastructure for institutions, capturing value as settlement and finance migrate to crypto rails., BullishIt operates an exchange that settles in stablecoins, making stablecoin-based trading volume directly tied to its business model.26%
- The companies that mint regulated digital dollars earn interest on reserves held against every coin in circulation. · Circle Internet GroupIt issues USDC, the stablecoin already carrying real transfer volume, making it the most direct exposure to digital dollars becoming global finance rails., Figure TechnologiesIt operates lending directly on blockchain infrastructure rather than traditional banking plumbing, embodying the shift to on-chain settlement.17%
- Digital dollar stablecoins see heaviest real-world adoption through fintechs serving Latin America and Africa. · MercadoLibreIt operates the dominant fintech platform in Latin America, where digital dollar demand is strongest and most likely to drive adoption., Nu HoldingsIt banks tens of millions of users across Brazil and is positioned to deliver stablecoin access to emerging-market customers seeking dollar holdings., DLocalIt processes cross-border payments through corridors where stablecoins offer the biggest cost and speed advantages over legacy systems.14%
- Custodians are paid to hold reserves and manage keys regardless of which issuer leads the stablecoin race. · BitGo HoldingsIt provides custody for crypto and stablecoin reserves held by institutions, earning fees as ecosystem assets under custody grow.5%
- Cash10%