Industry leaders, speaking on a recent podcast, foresee a "super cycle" driven by regulatory breakthroughs, tokenized real-world assets (RWAs), and a burgeoning market for non-dollar denominations.

As 2026 approaches, the focus shifts beyond the U.S. dollar's hegemony, toward a more multipolar ecosystem that mirrors the complexities of global trade.

Regulatory Winds Favor Tokenization

A pivotal development came last week when the Depository Trust & Clearing Corporation (DTCC), the behemoth that settles virtually all American securities trades, churning through quadrillions of dollars annually, secured a no-action letter from the Securities and Exchange Commission.

This clearance paves the way for DTCC to experiment with tokenizing assets on blockchain networks, starting with Layer 1 and Layer 2 protocols. The program, slated for a late-2026 rollout, will initially handle tokenized versions of custodied securities under stringent oversight, marking a cautious bridge between Wall Street's legacy systems and decentralized ledgers.

This clearance paves the way for DTCC to experiment with tokenizing assets on blockchain networks, starting with Layer 1 and Layer 2 protocols.

The program, slated for a late-2026 rollout, will initially handle tokenized versions of custodied securities under stringent oversight, marking a cautious bridge between Wall Street's legacy systems and decentralized ledgers.

Sam Kazemian, founder of Frax Finance, points to the irony: DTCC's near-monopoly in traditional settlement could now unlock new liquidity avenues in crypto.

"Just as Tether revolutionized instant trading on centralized exchanges and USDC did for decentralized finance, tokenized stocks and bonds will demand robust liquidity pairs,"

He argues, positioning his firm's FRAXUSD as a contender.

Rob Montgomery, founder of InfiniFi, adds a yield angle, noting that RWAs could yield spreads of up to 40% during liquidations, with platforms like his designed to exploit these inefficiencies.

Yet, the migration won't be seamless.

DTCC may lean on its proprietary Hyperledger infrastructure at first, but liquidity is expected to gravitate toward Ethereum's mainnet, prized for its battle-tested security and depth. Analysts at Grayscale project tokenized assets swelling to trillions by 2030, fueled by institutional inflows, a bet that could redefine asset management.

The Rise of the Rest: Non-USD Stablecoins Take Center Stage

By sidestepping incumbents such as Visa and Mastercard, these systems could slash slippage and reroute billions in flows. Grayscale's forecasts align, eyeing stablecoins hitting $2 trillion by 2028, with non-USD growth turbocharged by regional adoption and yield-bearing innovations.

The dollar's dominance in stablecoins, with a total supply more than $300 billion, has long overshadowed alternatives. But 2026 could upend that, with non-USD variants, currently a mere sliver at 1-2% of the market, poised for a 20-fold expansion.

This mirrors global commerce, where the greenback commands about 80% but leaves ample room for regional currencies.

Take Frax's recent tie-up with the IQ team to launch KRWQ.cash, a Korean won-pegged token integrated into its neo-banking app. Kazemian highlights South Korea's regulatory quirks, which made the won the top-traded fiat pair in 2025.

He envisions consolidation around dominant issuers per currency, akin to Tether's USD stronghold. Euro-denominated stablecoins are already accelerating, their supply jumping 1.6 times to €618 million this year, bolstered by the EU's MiCA framework. Italy's push for a national euro stablecoin, involving tokenized government bonds and ATM networks, underscores this momentum.

Montgomery spies opportunity in onchain foreign exchange, a tool to streamline trade finance. Traditional wire transfers, with their hefty fees and delays, erode margins on small invoices; blockchain pools promise yields of 12-24% on short-term receivables in high-interest currencies like the Brazilian real.

By sidestepping incumbents such as Visa and Mastercard, these systems could slash slippage and reroute billions in flows. Grayscale's forecasts align, eyeing stablecoins hitting $2 trillion by 2028, with non-USD growth turbocharged by regional adoption and yield-bearing innovations.

Battle of the Blockchains: Payment Rails in Flux

A crowded arena of specialized blockchains, Tempo (Stripe-backed), Stable, Plasma, and Circle's Arc—is vying for stablecoin transaction supremacy. These "stablechains" tout zero fees, instant settlements, and gas payments in any stablecoin, challenging Ethereum's primacy.

Kazemian, advising Stable, lauds Tempo's dynamic gas markets but warns that "gasless" claims are often marketing ploys subsidized, not sustainable.

True winners, he says, will forge issuer partnerships to monetize flows, not just lock up value. Montgomery backs Plasma amid its yield swings, framing Stripe's Tempo as a defensive play by an incumbent, echoing the innovator's dilemma chronicled by Clayton Christensen.

Circle's Arc appeals to institutions with compliance chops, while Stable leads in Asia via USDT integrations. This rivalry could fragment or consolidate the space, but it promises cheaper, faster payments worldwide.

Lessons from the Crypto Winter

The podcast nodded to recent reckonings: Terraform Labs' Do Kwon sentenced to 15 years, joining FTX's Sam Bankman-Fried and Celsius' Alex Mashinsky behind bars. Terra's 2022 implosion, Kazemian reflects, buried dreams of purely algorithmic stablecoins, steering the industry toward bank-backed models—the "safest digital dollars."

As clarity emerges, think MiCA in Europe and U.S. frameworks like t like the GENIUS Acthe —the stage is set for explosive growth. GENIUS act—the stage is set for explosive growth.

Ripple's outlooks echo this optimism, envisioning stablecoins fostering inclusive finance.

Yet risks loom: regulatory patchwork in emerging markets, liquidity splits among chains. For investors, the sweet spots lie in non-USD pioneers and RWA yield plays.

In a world weary of volatility, stablecoins' quiet revolution may prove the most enduring.

Ripple's outlooks echo this optimism, envisioning stablecoins fostering inclusive finance. Yet risks loom: regulatory patchwork in emerging markets, liquidity splits among chains. For investors, the sweet spots lie in non-USD pioneers and RWA yield plays. In a world weary of volatility, stablecoins' quiet revolution may prove the most enduring.