Stablecoins for Business: Payments, Treasury, and Risk

A stablecoin is not really a crypto story. It is a claim on an institution that happens to settle like software, and every interesting question about it is a credit and liquidity question. This cursus starts with the mechanism: the mint-and-redeem arbitrage that holds the peg, and what the Terra collapse and the USDC depeg each proved. Then the business case: why correspondent banking is slow, what changes when the transfer is the settlement, and how to read the volume numbers honestly. Finally the GENIUS Act, the yield ban, and the risks the rules leave behind.