HTX Ventures, the investment arm of crypto exchange HTX, has published a new report examining how stablecoins are increasingly forming a parallel U.S. dollar-based financial infrastructure one that could significantly reshape the global payments landscape.
Titled “The On–Chain Extension of the Dollar,” the report argues that stablecoins are no longer just crypto utilities but are rapidly emerging as key instruments in a decentralized monetary system that rivals traditional banking rails.
The report begins by highlighting persistent flaws in conventional cross-border payment systems, including high fees, delayed settlement times, and burdensome regulatory frameworks, all of which restrict financial access, especially in developing economies. In contrast, stablecoins such as USDT and USDC offer real-time settlement, global accessibility via digital wallets, and seamless integration with multi-chain ecosystems, giving them a growing edge in areas like remittances, digital trade, and online commerce.
HTX Ventures Explores How Stablecoins Are Building a New Dollar Infrastructure for Global Payments#stablecoins @Ventures_HTX @HTX_Globalhttps://t.co/L8lS7osjVk
— Stablecoins.com (@stablecoinscom) June 17, 2025
Building on this, the report points to rising adoption in regions such as Latin America, where USDT is increasingly used as a hedge against local currency depreciation. Similarly, in parts of Asia and Africa, stablecoins are offering practical financial alternatives in jurisdictions plagued by inflation, capital controls, or underdeveloped banking infrastructure. Acting as both a medium of exchange and a store of value, stablecoins are bridging access to the U.S. dollar for over 1.3 billion unbanked individuals worldwide.
Further deepening their impact, the report notes that stablecoins are evolving into “on-chain shadow banks.” By converting fiat into short-term U.S. Treasuries while issuing dollar-pegged tokens, these assets mirror the role of money market funds—enhancing liquidity in decentralized markets but also challenging the authority of central banks over credit issuance and monetary control. This, in turn, raises new questions around transparency, systemic risk, and regulatory oversight.
Adding to its insights, HTX Ventures also suggests that stablecoins alongside Real-World Assets (RWA) could be pivotal in connecting traditional and decentralized finance. This evolving synergy is expected to transform DeFi by introducing real-world collateral, lowering risk, and expanding its practical applications.
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