Stablecoin Rails, Chain-Agnostic
jackie luo@jackie
−4.1%
since Sep 29
The idea
I believe stablecoins are becoming the cheap, fast rail for cross-border payments, and since it's still an open fight over which blockchain carries that volume, I built this chain-agnostic: owning the companies that get paid regardless of the winner. The core is crypto-native platforms earning directly on stablecoin volume, balanced with payment incumbents wiring rails into networks they already own, emerging-market platforms where cheap transfers matter most, and custody banks holding reserves.
What it owns
- The issuers, exchanges and on-ramps that get paid on stablecoin volume no matter which chain carries it. · Circle Internet GroupIt mints USDC and earns interest on the reserves backing it, getting paid directly as stablecoins scale for cross-border transfers., Coinbase GlobalIt takes a cut of USDC revenue and serves as the main US on-ramp into crypto, so stablecoin volume growth means more money flowing through its platform., Robinhood MarketsIt is where a large portion of retail buys crypto and is pushing into stablecoin and chain infrastructure, collecting on user adoption as crypto deepens., Galaxy DigitalIt builds trading and infrastructure plumbing that institutions use to move into crypto, earning as large flows route over stablecoin rails., Figure Technology SolutionsIt puts lending and settlement on-chain, earning fees on tokenized transactions regardless of which chain carries the flow., BullishIt runs an exchange that settles in stablecoins, so its volumes grow directly with stablecoin-based trading taking share from traditional fiat settlement., Gemini Space StationIt runs both an exchange and its own dollar stablecoin, capturing volume as regulated US stablecoin issuers and venues go mainstream.46%
- Payment giants bolting stablecoins onto networks they already own, including Mastercard as a listed Tempo design partner. · PayPal HoldingsIt runs its own stablecoin inside a payments network with hundreds of millions of users, positioned to wire stablecoins into money people already send., MastercardIt is the listed design partner on Stripe's Tempo chain, the closest a public stock gets to folding stablecoin settlement into its network rather than being routed around., VisaIt is already piloting stablecoin settlement on its network, the incumbent play on absorbing stablecoins into its rails instead of being displaced by them., Shift4 PaymentsIt is a merchant acquirer that can plug stablecoin acceptance into checkout, becoming the toll booth if merchants start taking stablecoin payments.21%
- Cross-border cheap fast payments matter most where moving money is expensive today. · dLocalIt moves merchant money across emerging-market borders where stablecoins cut cost and time the most, winning if it routes that flow over stablecoin rails., MercadoLibreIts wallet reaches Latin American users for whom cheap cross-border payments matter first, and it is already adding stablecoin features., Nu HoldingsIt banks tens of millions of Latin Americans and can put stablecoin-based transfers in front of them, winning if cheap cross-border payments land in that region first.17%
- Every dollar of stablecoin is backed by reserves someone gets paid to hold and manage. · State StreetIt is one of the largest custodians positioned to hold stablecoin reserves, getting paid as stablecoin supply grows across all issuers and chains., Northern TrustIt is a custody bank paid to hold and service stablecoin reserves as supply grows, offering exposure to the infrastructure without picking a winning issuer.6%
- Other · C4%
- Cash6%