A notable shift is occurring with stablecoins: their use is extending from within the crypto market to cross-border payments, corporate settlements, and global capital flows. In May, a new cross-border payment infrastructure partnership announced the connection of stablecoin settlement with a global payment network covering over 190 countries and 100 currencies. Meanwhile, in research published this year, the Federal Reserve also discussed payment stablecoins within the same framework as cross-border payment efficiency, settlement mechanisms, and their impact on the financial system. Stablecoins are gradually moving from being "digital asset tools for convenient trading" into more real-world financial use cases.

What makes this shift noteworthy is not just the continued growth in stablecoin scale, but that the market is beginning to reassess their role. When digital assets can flow around the clock and further connect payment and settlement networks across different regions, competition around stablecoins will shift from issuance scale to infrastructure capability. For Anmrex, this trend means that digital asset platforms need to focus not only on trading itself, but also on asset liquidity efficiency, service stability, and the ability to connect different financial scenarios.

Stablecoins Are Moving from Trading Tools to Payment Infrastructure

The earliest widespread use of stablecoins was driven largely by their ability to provide a relatively stable unit of account and a medium for fund transfers within the crypto market. When trading between different digital assets, stablecoins reduced the need for frequent access to the traditional banking system, and thus gradually became a key component of on-chain liquidity.

Now, this role is continuing to expand outward.

Cross-border commercial payments, global payroll, merchant settlement, and corporate treasury management are all beginning to emerge as focus areas for stablecoin infrastructure. The logic behind this is not complicated: traditional cross-border payments often involve multiple intermediaries, while blockchain can provide a continuously operating digital value transfer network, making some fund flows more direct.

Research published by the Federal Reserve this year also notes that payment stablecoins have the potential to improve certain cross-border payment scenarios, but their development also involves deeper issues such as bank liquidity, monetary policy transmission, and the structure of the financial system.

This means stablecoins are entering a new phase. The market no longer needs to discuss only whether payments are possible, but whether a stable, sustainable payment and settlement system that adapts to real financial needs can be established.

As Settlement Efficiency Improves, Security and Transparency Become More Important

Digital settlement can improve efficiency, but the value of financial infrastructure has never been measured by speed alone.

For stablecoins to further penetrate the broader payment environment, the quality of reserve assets, redemption mechanisms, liquidity management, technical security, and regulatory adaptation will all become more critical. Research released this year by the New York Fed shows that the expansion of stablecoins could also alter the liquidity needs of relevant banks, further transmitting on-chain fund activity into the traditional banking system.

The BIS annual study published in June also offered a more cautious assessment: stablecoins demonstrate the potential of tokenization technology for fast, programmable payments, but existing models still face structural issues that need to be addressed. In other words, scaling stablecoin adoption is not simply a matter of moving traditional funds on-chain; it requires simultaneously solving efficiency, trust, and risk control.

This is equally important for digital asset platforms.

As stablecoins increasingly assume roles in fund flows and settlement, platforms must focus not only on whether assets can be traded, but also on whether service operations remain stable, market information is clear, and risk management can cover continuously evolving use cases.

Anmrex continues to monitor the development of stablecoin infrastructure, viewing security, stability, and service continuity as key foundations for the long-term evolution of digital asset services. Rather than merely adding new application concepts, what matters more is establishing clear and reliable connections between different assets and services.

From Stablecoins to Digital Financial Networks, the Industry Competition Enters the Next Phase

The development of stablecoins actually reflects a broader shift in the digital asset industry.

In the past, most innovation in the crypto market revolved around asset issuance and trading; now, an increasing amount of innovation is moving toward how assets flow, how they settle, and how they connect with the real-world financial system. Stablecoins, RWA, tokenized deposits, and on-chain settlement are driving this change from different directions.

In May this year, the BIS-led Project Agorá released interim results, with its prototype having validated the technical feasibility of using tokenized central bank reserves and tokenized commercial bank deposits to complete cross-border atomic settlement, and plans to proceed further into real-value transaction testing. Although this system differs from stablecoins, it reflects a highly consistent industry direction: financial infrastructure is exploring more programmable and more efficient digital settlement methods.

This also means that what truly deserves attention for stablecoins in the future is not any short-term market hotspot, but whether they can gradually become part of digital financial infrastructure.

For Anmrex, in the face of such industry changes, the platform needs to maintain continuous attention on stablecoins, on-chain settlement, and the development of digital financial infrastructure, while steadily improving long-term service capabilities around market information, asset services, security systems, and technical stability.

The digital asset market will continue to experience cyclical fluctuations around prices, but stablecoins are driving another more fundamental thread: how funds can flow more efficiently and securely across global digital networks. As industry competition gradually shifts from "what assets to issue" to "how to connect and service assets," the importance of digital financial infrastructure will further rise.

Anmrex will continue to monitor this change and, based on stability, security, and long-term service, adapt to the new phase in which digital assets extend from trading markets to broader financial applications.