The timing here is deliberate — with onchain private credit at $3.2B (up 180% YoY) and tokenized RWAs blowing past $26B outstanding, stablecoins have quietly become the settlement layer for an entirely new credit stack, not just a payments rail. The real alpha at Stable Summit won't be the payments panels — it'll be the closed-door conversations about how MiCA-compliant euro stablecoins reshape FX corridors and whether Circle or Tether captures the tokenized T-bill yield market that BlackRock and Franklin Templeton are already building pipes for. When stablecoin transaction volume is doing $46T annually (3x Visa), the question isn't adoption anymore — it's who controls the middleware between TradFi capital and onchain yield, and that's what Cannes is really about.