# stablecoins — X 热门讨论 (2026-09-30 14:46 UTC)
## @RealAllinCrypto (ALLINCRYPTO) · 09-30 14:00 · ♥125 ↻25 💬7 🚨BREAKING NEWS: STATE STREET GOES LIVE ON STELLAR!
The GIANT $5T+ asset-management has launched its SWEEP tokenised liquidity fund on $XLM! Now enabling 24/7 subscriptions and redemptions using stablecoins.
This is so HUGE, one of the world’s largest financial institutions is now using @StellarOrg to bring traditional finance onchain, around the clock.
Wall Street isn’t just experimenting with blockchain anymore, it’s going live on their favourite Stellar! https://x.com/RealAllinCrypto/status/2105296624859681027
## @carte_free (adel.eth) · 09-30 13:15 · ♥43 ↻10 💬33 Spend globally, earn cashback, and keep your stablecoins ready for everyday purchases.
Cashi makes stablecoin spending feel simple, from subscriptions and online shopping to travel.
Check it out and see how it works: https://t.co/rROFRxQFR1
@cashi https://t.co/rGurOLQgHn https://x.com/carte_free/status/2105285524856430754
## @randgroup (Rand Group) · 09-30 14:35 · ♥45 ↻9 💬7 🚨 Visa took 66 years to reach $17 trillion. Stablecoins are about to do it in just 12. https://t.co/IzvP48hBUr https://x.com/randgroup/status/2105305414883795202
## @MarcoSalzmann80 (Marco Salzmann 🇩🇪🇻🇪 Ħ²) · 09-30 09:50 · ♥40 ↻13 💬3 🧵Fiat Chain is where the Algorand and ECB paper trails intersect.
A public blockchain without a native cryptocurrency. Designed for institutional finance. Designed to connect to Algorand through a new “Peer Chain” architecture.
And discussed directly with the European Central Bank.
So what exactly is Silvio Micali building? 👇
The documented paper trail:
Algorand Technologies ↓ Fiat Chain ↓ ECB / Cipollone
And technically:
Algorand ↔ Fiat Chain Peer Chains via State Proofs
Fiat Chain addresses three problems Micali sees limiting institutional blockchain adoption:
Regulation. Sovereignty. Security.
Why should an institution or sovereign entity need to acquire and depend on a volatile cryptocurrency simply to use public blockchain infrastructure?
But removing the native token creates another problem:
How do you secure a permissionless blockchain without native stake?
How do you prevent Sybil attacks? How are validators selected and incentivized?
This is where Fiat Chain gets interesting.
In May 2026, a Micali patent application titled “Choosing blockchain validators” was published as WO2026102377A1.
It claims priority to November 2024 applications titled:
FIAT CHAIN THE FIAT CHAIN
So the connection is explicit.
The proposed model uses validator boards serving defined periods.
Aspiring validators can compete for seats, with a cryptographically fair lottery determining selection.
Instead of native crypto, the mechanism can use digital fiat, including stablecoins, tokenized deposits and potentially CBDCs.
Validators can commit digital fiat for board seats and participating validators can share network revenue.
The idea:
Make honest validation economically attractive without a native cryptocurrency.
Whether this can remain genuinely permissionless at scale is the big experiment.
So where does @Algorand fit?
Fiat Chain is not Algorand.
The Algorand Foundation describes them as “Peer Chains.”
Not an L2. Not a sidechain. Not a traditional bridged chain.
Two independent networks designed to work closely together.
The proposed connection is a decentralized State Proof-based bridge, intended to enable permissionless bi-directional movement of assets, messages and liquidity.
The chains are also intended to share developer tooling.
Algorand → $ALGO + open crypto economy
Fiat Chain → digital fiat + institutional focus
Fiat Chain ≠ Algorand Fiat Chain ↔ Algorand
Fiat Chain isn’t a concept Micali mentioned once and disappeared from.
He unveiled it at Paris Blockchain Week 2025.
A year later, he returned to Paris Blockchain Week 2026 and discussed its tokenless consensus architecture again.
The validator patent gives us a deeper look at how it could work.
The idea is clearly still being developed.
Then there is one institutional breadcrumb worth remembering.
In March 2025, Algorand Technologies met ECB Executive Board member Piero Cipollone.
The subject listed in the ECB’s public calendar:
“the Fiat Chain.”
A documented discussion, not evidence of adoption.
That meeting looks particularly interesting in hindsight.
The Eurosystem has since launched Pontes, connecting market DLT infrastructure with TARGET Services for settlement in central bank money.
And through Appia, it is exploring the longer-term architecture of Europe’s tokenized financial ecosystem.
That includes interoperability between different infrastructures.
None of this establishes a connection to Fiat Chain.
But it puts the 2025 meeting into an interesting context.
Fiat Chain isn’t simply “Algorand without ALGO.”
@silviomicali is trying to answer a much bigger question:
Can you build a public, permissionless blockchain for institutional finance without requiring its users to adopt a native cryptocurrency?
We now know considerably more about how he intends to do it.
But two questions remain:
Can the model remain genuinely permissionless at scale?
And if it can:
Who is Fiat Chain ultimately being built for? https://x.com/MarcoSalzmann80/status/2105233920241385780
## @JV_Vink (JV) · 09-30 09:56 · ♥40 ↻12 💬1 Live onboarding session of new enterprise on @StellarOrg with @AllUnityStable $EURAU - one of Zebec's new supported stablecoins. Exciting times! https://t.co/kW5xXjDglP https://x.com/JV_Vink/status/2105235204646330813
## @DutchAlchemist (Dutch Alchemist) · 09-30 10:43 · ♥40 ↻7 💬3 Most of the agent payment talk I see is about AI agents holding a wallet full of stablecoins and paying for stuff on their own.
Cool demo.
But I don't see an enterprise or bank's treasury desk ever handing an agent the keys to a hot wallet.
$QNT https://x.com/DutchAlchemist/status/2105247071683088832
## @thakkerpunit (Punit Thakker) · 09-30 11:02 · ♥41 ↻3 💬8 I’m going to be more active here and engage with the X community
I’ll be sharing what I’ve learned from 20+ years in payments and fintech and exploring where stablecoins, blockchain and digital assets are taking the industry next.
Looking forward to the conversations 👁🗨 https://x.com/thakkerpunit/status/2105252023054606844
## @0xVishnya (Nikita) · 09-30 11:48 · ♥42 ↻1 💬3 Stripe has built every layer a Crypto Card needs
@StripeCrypto just mapped out its full stablecoin stack. Read it as a card app and it looks like this
- Wallet: @privy_io holds the user's stablecoins - Top-up: Crypto Onramp turns fiat into crypto inside the app - Rails: @Stablecoin moves money between fiat and stablecoins, virtual accounts included - Card: Stripe Issuing, over 400M cards issued across all its programs - Chain: @tempo - Coin: @openstandard , launching later this year
Stripe calls the last two independent infrastructure. The family ties are still easy to see
- Tempo was incubated by Stripe and Paradigm - Open USD's CEO is @zcabrams , who co-founded Bridge
Phantom, Exodus, Morse, Plata, Chipper Cash, Airtm and 10 more apps already run their cards on Bridge
Card apps compete on cashback. Stripe builds what they run on > 引用 @StripeCrypto: A guide to Stripe's stablecoin stack https://x.com/0xVishnya/status/2105263502432571875