Blockchain banking has rotated out of speculation and into infrastructure. This paper maps the shift — the capital, the regulation, and the technology turning digital dollars into the rails global finance now runs on.

What this paper covers

• Digital dollars as core infrastructure: $313B in market cap, $50T in annual transaction volume
• How GENIUS and MiCAR reshaped the market across the US, EMEA, and Asia
• Stablecoins vs. tokenized deposits — and the divide it creates
• The competitive landscape: three clusters, mapped with funding data
• The tech stack: blockchains, ERC standards, and architecture
• Funding flows, exits, and the regulatory horizon

What to expect

• A clear read on where institutional capital is moving
• What the stablecoin / tokenized-deposit split means for builders and allocators
• How regulation favors different business models in different regions
• Where the next wave of trillion-dollar financial companies emerges

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