The frame was: this is real, and it is accelerating.

We underestimated the speed.

Supply just crossed $323 billion. In March 2026, stablecoins settled $7.5 trillion in a single month, surpassing the U.S. ACH network for the first time in history. Tether and Circle, between them, now hold more U.S. Treasury bills than Germany. The GENIUS Act is law. The CLARITY Act is on deck. Three of the five largest American banks have publicly confirmed they are exploring stablecoin issuance, and BlackRock, Morgan Stanley, and Franklin Templeton are racing each other to manage the reserves behind them.

That is not adoption. That is a phase change.

Today, live from Proof of Talk in Paris, we are publishing Money Movement 2.0 (2026), our most rigorous stablecoin report yet. The first edition documented adoption. This one documents the infrastructure being built on top of it, and the people who will own the rails when the dust settles.

If you read a stablecoin report two years ago, the question was whether they would survive. In 2026 the question is who controls the rails they run on.

What happened: ACH, the workhorse of American payments since 1972, was passed in monthly volume by a system that did not have a federal legal framework twelve months ago. Stripe paid $1.1 billion for Bridge. Mastercard paid $1.8 billion for BVNK, the largest stablecoin M&A deal in history. Visa quietly took its stablecoin settlement program from a pilot to a $7 billion annualized run rate. Western Union, which spent two centuries moving paper across borders, launched a stablecoin in May on Solana.

You can argue with the gross number. A lot of the $7.5 trillion is wholesale, DeFi, and bots. Real-world payment volume, stripped of trading and automated treasury sweeps, is closer to $400 billion a year. That sounds smaller, until you remember it is growing at 90% year-on-year off a base that did not exist three years ago.