Morning Edition · Thursday, July 30, 2026Published at 1:29 AM EDT · New York
Stablecoin Issuers Confront Fragmenting Liquidity as Custom Tokens Multiply
Brale says a new protocol can remove a scaling obstacle as hundreds of firms issue their own dollars, while BNY builds a blockchain transfer agency and Upbit lists Global Dollar.
As the number of stablecoins grows, the infrastructure beneath them is under strain. Ben Milne, chief executive of the stablecoin firm Brale, said today's bridge model will not scale as hundreds of companies issue their own tokens, fragment…
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Control of Stablecoin Payment Rails Becomes the Prize
As tokenized dollars scale, the contested and value-capturing layer shifts from issuance to the wallet-to-merchant routing path, concentrating fees and gatekeeping power among the firms that own settlement connectivity.
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