Supported by Visa for settlement obligations, reducing fees and enabling 24/7/365 operations for fintech partners.

Part of the shift toward programmable money and B2B settlement rails.

Part of the high-conviction theme of stablecoin infrastructure and the convergence of on-chain and traditional finance.

High incentives are categorized as marketing expenses rather than sustainable organic yield.

Emerging stablecoin gaining traction through liquidity partnerships; potential winner in agentic finance micro-payments.

Utilizing liquidity services on institutional exchanges to bootstrap adoption.

Part of the emerging class of payment stablecoins designed for settlement rather than yield generation.

Subject to the same yield prohibitions as other stablecoins under the proposed Clarity Act.

Supply grew 8x since early 2025, reaching $4B and expanding into 70 new markets.

High demand for use as leverage against real-world collateral in Kamino markets.