The Stablecoin Field Guide: A Structural Map for Payments Professionals
Stablecoins have moved from crypto curiosity to a cross-layer force reshaping the payments stack. This field guide decodes the economics, regulators, and competitive moves by starting from the one fact that matters: a fiat-backed stablecoin issuer is a narrow bank that captures 100% of reserve float and cannot share it with holders—making distribution, not issuance, the actual prize.
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Franco Di Pietro
The Payments Corner
30+ years across payments, fintech, banking, and financial infrastructure. Operator-level perspectives on the systems that move money.
Disclosure: The Payments Corner's founder is employed at Euronet Worldwide, a global infrastructure and transaction processing company. The publication may discuss securities or assets touching that domain. Content is provided for informational and editorial purposes only and should not be considered investment advice.
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