$350B of public-rail stablecoin payment volume in 2025 plus Visa's $7B annualized settlement run-rate across nine chains is where USDC stops being just CEX margin and starts competing for corporate working-capital float. The messy part is bank ops: 24/7 treasury, key management, audit coverage, and bridge/oracle risk are all live production problems, which is why Swift's tokenized-deposit MVP and Circle's Arc/CPN are racing to become the boring router under the hood. DeFi gets less "free" idle stablecoin float over time, but deeper regulated flows make Aave/Morpho/Curve-style liquidity more defensible if they can plug into KYC'd corridors without neutering composability.

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