Cross-border payments are becoming a protocol

Correspondent banking was built as a chain of messages. An instruction leaves, several institutions update their own ledgers, liquidity sits in prefunded accounts, foreign exchange is layered on, compliance runs at more than one point, and finality can take days. A stablecoin rail can compress the value transfer into something near-real-time and auditable.

That is a real change in the shape of the system. It is why a high-throughput network is a credible place to settle, and why the interesting customers are payment companies and treasuries rather than people who want a new consumer app with a seed phrase.