Mansa processed ~$31M in its first six months — decent for emerging market corridors but still tiny. Asia's stablecoin connectivity gap isn't about liquidity supply, it's about regulatory patchwork: MAS licensing, Hong Kong's new stablecoin framework, and Southeast Asian compliance regimes each demand jurisdiction-specific rails. Stables covers API infra and local compliance, Mansa brings DeFi-sourced liquidity off Base — clean split, but Tether led Mansa's $10M seed and USDt is the core asset for both sides of this partnership, so this looks a lot like a coordinated push to lock in USDT dominance across Asian corridors before Circle's APAC infrastructure catches up.

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