The company that has been moving remittances for a hundred and seventy years is making its own stablecoin

The money transfer network that will issue the stablecoin serves about 100 million users. On 29 October 2025 Bitcoin closed at $110,021, −2.5% against the previous day.

Who is issuing it, and why that is different

It arrives in the first half of 2026, pegged to the dollar, issued by an American bank that specializes in digital assets, and running on Solana. Alongside it a network is being built that lets people convert from crypto to cash at physical counters — which is the piece no pure issuer owns: 100 million users and a presence in places where not everybody has a bank account.

The chief executive’s line explains the logic with no interpretation needed: they want to own the stablecoin economy. Translated: if your margin is about to be eroded by a new instrument, the only move that keeps you in the game is issuing it yourself.

The same pattern, in three different companies

They are three different moves with the same structure: use stablecoins for cross-border payments, keep the benefit of the money sitting on deposit, and go on collecting fees — only smaller ones, on larger volumes. The stablecoin market, at that date, was worth $312 billion, and payments settled with them $19.4 billion year to date.

The useful reading is that adoption isn’t coming from people who believe in the technology: it is coming from people with a margin to defend. It is the intermediaries building the infrastructure that, in the founding story, was supposed to remove them — and they are building it because the alternative is somebody else building it.

What changes for people sending money home

A stablecoin issued by somebody who already has the counters changes two things at once: the cost of the transfer collapses and cash withdrawal stays possible where it is needed. It is the combination everybody else is missing — the pure issuers have the coin but not the counters, the traditional networks have the counters but not the coin.

What remains to be seen is how much of that saving reaches the person sending the money. The technology lowers the cost of transport; the fees are set by whoever controls the last mile, and in this case that is the same company as before. It could end with the money traveling free and the price staying where it is.

Put bluntly: the intermediaries are building the instrument that the founding story said would remove them, and they are doing it because the alternative is somebody else building it.

The rest of the day, and the price

Bitcoin, in the middle of all this, closed at $110,021 against $112,898: −2.5 percent. On the day a network of a hundred million users announces it is entering stablecoins, the price of the most famous coin falls two and a half percent for reasons that have nothing to do with that announcement.

It is why the two readings are worth separating. The price says what speculative money is doing today; announcements like this one say where payments will run in two years. The second thing counts more and shows up far worse.