M2020 Recap - Part 2. Stablecoin = Settlement for consumer UCs. Wow things change fast in a year. For 2 years I've been fighting with the stablecoin advocates who insisted stablecoin would dominate agentic. My position has always been it was a settlement innovation and cards were the primary off ramp for consumers because they provide economics with established consumer behavior.

Genius took away all consumer incentives to hold stablecoin. While there were plenty of merchant payment geeks that were interested in accepting stablecoin, the CMOs of top 100 retailers recognize that increasing optionality does not improve conversions.

Stablecoin is transforming settlement within B2B from supply chain to finance. DLT is also transforming how commercial assets move. Consumer tokenized deposits are not a priority in next 3 yrs.