Standard Chartered and BNY, two global systemically important banks, have begun offering institutional clients the ability to mint, redeem and custody Circle’s USDC stablecoin, marking a shift from questioning whether stablecoins belong in finance to deciding how to use them. Chainalysis estimates that stablecoin settlement volumes could reach a quadrillion dollars annually by 2030. The banks said the value of stablecoins resides in the networks and liquidity they provide rather than the tokens themselves. European lenders are developing euro‑denominated stablecoins such as the Euro On‑Chain (EUOC) to reduce reliance on dollar‑pegged tokens, which currently account for more than 99 % of the stablecoin market cap. Circle CEO Jeremy Allaire noted that USDC’s position is underpinned by nearly a decade of liquidity, banking relationships and regulatory approvals. The introduction of OpenUSD, supported by Coinbase, Stripe and BlackRock, has intensified discussion of competing stablecoin ecosystems. Steakhouse Financial partner Cachinero Vasiljevic said the surrounding network creates value, making the token secondary. Agant founder Andrew MacKenzie said banks are now investing in infrastructure to connect stablecoins with traditional finance for payments, treasury operations and settlement, as businesses prefer settling in their own currencies rather than converting to U.S. dollars. Qivalis, a consortium of 37 European financial institutions, is building the EUOC stablecoin to provide a regulated euro alternative and benefit from network effects similar to those driving USDC adoption. The continued expansion of stablecoin infrastructure may reshape cross‑border payments and treasury management, though regulatory clarity and market adoption remain open questions.