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Exponential Learning · Thursday · 20 min

Stablecoins and the Banking System: Money Gets Re-Platformed

Stablecoins have stopped being a crypto story and become a banking story. Alex and Jordan work through the Alpha Brands Research report and the numbers as of October 2026: roughly $304B in supply, $17.6T in adjusted payment volume tracked for the year, and 99% dollar-denominated. They cover the GENIUS Act's 1:1 reserves and yield ban, the failed CLARITY Act's rewards loophole, JPMorgan's JPMD and the Clearing House tokenized-deposit network, the Visa/Mastercard/Stripe Open USD consortium coin, and the base case that banks absorb stablecoins while correspondent banking loses. Winners, losers, scenarios to 2030, and what it means for investors.

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Stablecoins have stopped being a crypto story and become a banking story. Alex and Jordan work through the Alpha Brands Research report and the numbers as of October 2026: roughly $304B in supply, $17.6T in adjusted payment volume tracked for the year, and 99% dollar-denominated. They cover the GENIUS Act's 1:1 reserves and yield ban, the failed CLARITY Act's rewards loophole, JPMorgan's JPMD and the Clearing House tokenized-deposit network, the Visa/Mastercard/Stripe Open USD consortium coin, and the base case that banks absorb stablecoins while correspondent banking loses. Winners, losers, scenarios to 2030, and what it means for investors.

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