The financial system is being rebuilt on new infrastructure, and it’s happening faster than most people outside of crypto realize. Stablecoins are a catalyst. They have evolved from a niche trading instrument into foundational plumbing, and they are becoming the layer on which a new generation of global financial products gets built. The market map accompanying this post captures our view of the transformation that’s underway. The specific companies are likely to change, and the categories will likely blur and evolve — but the more important story is structural: How the new stack for global finance is coming ... (full story)