Stablecoins Shift from Token Issuance to Wallet and Distribution Control

The stablecoin market is undergoing a significant shift as issuers are ceding strategic ground to infrastructure companies. The focus has moved from token creation to platforms, wallets, and settlement systems that move money through financial networks.

This change reflects the maturation of the stablecoin market from a crowded token race into a broader payments infrastructure where control over customer relationships and transaction rails matters more than another entry in a blockchain ledger.

Chime, a consumer banking platform with millions of users, has requested proposals from blockchain companies to build end-to-end stablecoin wallet capabilities. Anchorpoint Financial, backed by Standard Chartered, is rolling out its Hong Kong dollar stablecoin through institutional distributors rather than direct consumer channels.

Tether disclosed that KPMG U.S. completed the first full independent audit of its financial statements, underscoring how regulatory compliance and institutional credibility are becoming competitive necessities.