Will Stablecoins Become the New Global Payment Rails?

Stablecoins are increasingly used for real-time settlement, challenging traditional cross-border payment models. As volumes grow, questions emerge around the role of banks, the durability of existing correspondent networks, and how new rails should be governed. This brings together perspectives on whether stablecoins complement or compete with established payment infrastructure, and what regulatory, risk, and control frameworks are needed as global settlement mechanisms evolve.