Stablecoins transferred $10.5 trillion in January 2026, and institutional settlement relied on a concentrated stack of Circle and Paxos for minting, Coinbase and Wintermute for distribution, and Fireblocks for custody. Dune Analytics data shows USDC moved $8.3 trillion of that monthly total, while Visa settled $3.5 billion annualized in USDC on Solana and Stripe bought Bridge for $1.1 billion.
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Stablecoin Settlement Stack Concentrates Around Circle, Paxos, Coinbase, and Fireblocks
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