Stablecoin

Stablecoins carry dollar-denominated value on crypto rails: instant, borderless, and stable enough for treasury and payout use.

Where they actually run

Player flows at crypto-native operators; affiliate and vendor payouts across banking-hostile corridors; and internal treasury moves between entities. Risk ledger: issuer/reserve credibility, chain and address-screening obligations, and regulatory perimeter movement (MiCA-era rules formalizing what compliant use means in Europe). For payment-ops teams the operational note is unglamorous: address-verification discipline and test transactions, because stablecoin mistakes settle just as irreversibly as they pay.