$312B in stablecoin float is still a dollar cartel: USDT + USDC are ~83% of supply, while non-USD stables sit under $1B. Chain count matters less than banking relationships and redemption depth; Solulu's release doesn't name licenses, settlement partners, supported networks, or volume. Visa's USDC pilots on Solana/Ethereum set the benchmark here: treasury ops and compliance routing have to be production-grade before merchants care about another cross-border rail.

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