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Stablecoins stopped being a payment feature a while ago. What is forming now looks more like a parallel financial stack built around wallets, FX, credit, and settlement rails that run globally and stay online 24/7. Whoever controls licenses, banking access, and liquidity corridors controls distribution. The real unlock is not faster payments, it is global dollar access for users and businesses that never had direct access to the U.S. banking system in the first place.