October 31, 2025
Welcome to another edition of the Stabledash Newsletter.
The stablecoin infrastructure layer is hitting escape velocity.
We're watching companies scale 16X year-over-year by solving real cross-border payment friction, while former Circle executives launch neobanks targeting trillion-dollar valuations. Meanwhile, the legacy players are taking notice: Mastercard reportedly eyeing a $2B acquisition, Western Union launching on Solana, and Revolut eliminating spreads on stablecoin conversions.
The pattern is clear, stablecoins aren't just a crypto narrative anymore.
They're the plumbing for global B2B payments, remittances, and the next generation of banking infrastructure.
This week, we're digging into the companies building these rails and the market dynamics driving their growth.
How B2B Payments Scale with Stablecoins: Conduit's VP of Partnerships reveals their path to $10B annualized run rate
Building a Global Bank on Stablecoin Rails: KAST's 15-year roadmap to $1T valuation
Stabledash Archives: M0's wholesale layer vision and Dfns on securing $1B+ in monthly stablecoin transactions
Top Stories: Revolut introduces 1:1 no-spread conversions for USDC; IBM and Dfns launch; Brale API launch and more
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What to Watch
Filmed at Stablecoin Conference LATAM 2025, Omid, VP of Partnerships at Conduit, reveals how the company scaled 16X in the past year serving remittance companies, exchanges, and PSPs across high-growth markets.
Key takeaways:
Racing toward $10B annualized run rate – 16X growth in the past year backed by $50M+ from Dragonfly, Coinbase Ventures, and Circle Ventures, targeting the $150 trillion cross-border B2B payments market
Boots-on-the-ground banking infrastructure – 24+ banking partners enabling direct local integrations across 130+ markets, bypassing traditional correspondent banking delays
Brazil as the bellwether – 2.5X more crypto investors than stock market investors; represents 50% of Latin America's economic output and population, with China replacing the US as largest trading partner
Solving real trade friction – SWIFT transfers to China take 5+ days vs 2 days to US; stablecoins eliminate this lag for remittance companies, card issuers, and payment service providers globally
This Week’s Top Story
KAST Founder at Solana Apex
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Raagulan Pathy, former Circle executive, is building KAST — a next-generation neobank powered by stablecoin infrastructure — with a 15-year roadmap targeting a $1T valuation by 2040. In just 15 months, the platform has reached 500K users and $20M ARR, shipping 580 product versions while preparing for fiat–stablecoin rails across 170 countries.
Other Stories
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Stabledash Archives
Digging into our past episodes to surface insights from founders that that are packed with value and too good to miss.
Why Stablecoins Are Secretly Killing Banks: M0's $1T Vision
M0 co-founders Luca Prosperi and Greg Di Prisco reveal their vision for rebuilding the monetary system from first principles; creating a "wholesale layer" between issuers and applications that enables builders to deploy their own compliant stablecoin in minutes.
Unlike Circle and Tether's closed ecosystems, M0's protocol enables real-time yield streaming and cross-chain expansion while making the case that Treasury-backed stablecoins offer superior security to traditional bank deposits.
Securing Stablecoin Infrastructure
Dfns co-founders and co-CEOs Clarisse and Chris share how they built the security infrastructure now powering over $1 billion in monthly stablecoin transactions for 130+ fintechs worldwide, including Bridge, Iron, Sphere, and Fidelity.
They explain why wallet infrastructure has evolved beyond key management to full transaction lifecycle security, and why the real innovation isn't eliminating friction, it's building appropriate friction that meets regulatory requirements while enabling the future of money movement.
Wrap Up
You can dive deeper into all of these stories and more on Stabledash, your single place to navigate the stablecoin industry online.
We'll be here every step of the way to help you understand the shifts, the risks, and the opportunities ahead.
Until next time,
Stay stable