When cash turns to code… Investing in the winners of the stablecoin boom.

Stablecoins are more than just a crypto trade; they represent a fundamental shift in payments and financial infrastructure.The companies highlighted in this note offer diverse exposure to this ecosystem, ranging from private issuers creating on-chain dollars to exchanges distributing them, platforms delivering them to consumers, and payment networks settling trillions in annual commerce.Together, they provide a multi-faceted perspective on what is already shaping up to be one of the defining financial infrastructure transformations of this decade.