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The Stablecoin Infrastructure Race Is Here.

What operators moving real stablecoin volume at scale are building right now, and why the window to build it closes faster than most institutions expect.

Key takeaways

The Numbers Driving This

Stablecoin settlement in 2024 — more than Visa and Mastercard combined
$ 0 T
Volume growth on Liminal's platform between 2022 and 2025
0 X
In on-chain transactions processed — the data this briefing is built on
$ 0 B

The Stablecoin Infrastructure Race Is Here

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The Problem The Stablecoin Solution
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Five chapters. No filler.

The Numbers Are Not a Rumour

$27.6T settled. $300B market cap. The shift is structural — most operators are positioned as if it is not.

Most Say Ready. Data Says Otherwise.

86% claim readiness. 13% are live. The execution gap has a name — and a compounding cost.

What $100B in Transactions Taught Us

5M transactions. 20+ blockchains. Including $11.9B in the market's sharpest drawdown month.

Five Failure Modes at Scale

Blind signing. Policy drift. Gas failures. Invisible in normal ops — compounding at stress.

The Window Is Open. Not For Long.

Citi projects $100–140T in bank-tokenised deposits by 2030. The 2025–2028 window is decisive.

Five chapters. No fillers.

Chapter 01

The numbers are not a rumour

$27.6T settled. $300B market cap. The shift is structural — most operators are positioned as if it is not.
Chapter 02

Most say ready. Data says otherwise.

86% claim readiness. 13% are live. The execution gap has a name — and a compounding cost.
Chapter 03

What $100B in transactions taught us

5M transactions. 20+ blockchains. Including $11.9B in the market’s sharpest drawdown month.
Chapter 04

Five failure modes at scale

Blind signing. Policy drift. Gas failures. Invisible in normal ops — compounding at stress.
Chapter 05

The window is open. Not for long.

Citi projects $100–140T in bank-tokenised deposits by 2030. The 2025–2028 window is decisive.
“Speed is not the differentiator. Reliable, auditable execution at scale at all hours under all market conditions is what institutional operators are actually paying for”.

Mahin Gupta

Founder & CEO, Liminal Custody

About Liminal Custody

Institutional Infrastructure. $100B Proven.

Digital asset wallet infrastructure for institutional operators. ISO 27001 & 27701 certified, SOC Type 2 audited. Headquartered in Singapore with offices in India, UAE, and Taiwan.
ISO 27001
Information Security Management
ISO 27701
Privacy Information Management
SOC Type 2
Security & Availability Controls
$ 0 B
On-chain volume processed
0 M+
Transactions executed
0 +
Blockchains supported
0 x
Volume growth, 2022–2025

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