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HTX Ventures Latest Report | Open Infrastructure & Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance
HTX Ventures Latest Report | Open Infrastructure & Closed Financial Rails: Open USD, Revenue Redistribution, and Participant Governance

Abstract

Stablecoins have evolved from mere settlement tools within crypto trading into instruments for cross-border payments, corporate treasury management, and institutional back-office clearing. Public blockchains enable 24/7 USD token circulation, while banks, card networks, and payment firms increasingly integrate stablecoins into existing businesses. Visa’s stablecoin settlement pilot reached an annualized run rate of approximately $7 billion by April 2026, expanding across nine blockchains. Meanwhile, initiatives like Swift, Canton Network, Fnality, and Project Agorá approach from the institutional market, exploring how tokenized deposits, central bank money, and on-chain assets can transact and settle within shared environments.

Aug 13, 202640 min read