The Stablecoin Moment for Global Finance

Private Currency at the System's Core. The age of experimentation is over. In 2026, with a $300 billion market capitalization solidified by regulations like MiCA and the GENIUS Act, stablecoins are an institutional reality integrated into global financial flows. Their duality is now the central strategic challenge: a powerful catalyst for innovation promising to streamline payments, but also a direct threat to the bank deposit model. Our study provides the framework to understand this complex transformation.Anatomy of an Asset. We deconstruct the different stablecoin models, from their stabilization mechanisms to their inherent limitations. The analysis focuses on use cases that are already disrupting treasury management and trade finance, without overlooking the operational and privacy challenges involved.The Banking Sector Under Pressure. We assess the sector's dual posture: a strategic adaptation to avoid disintermediation, coupled with a race to capture the innovation. Threats to the deposit base and the risk of systemic contagion, even within a regulated context, are at the core of this analysis.The Geopolitics of a New Currency. Finally, we analyze the landmark regulatory frameworks and their impact on state sovereignty. The study examines the geopolitical dynamics at play: from the widespread adoption of dollar-pegged stablecoins in emerging markets to the strategic reinforcement of the U.S. position through the demand they create for Treasury bonds.