Stablecoins Can Be Great Again Today’s stablecoins run on public blockchains where every transaction sender, receiver, amount, and timestamp is permanently visible. This transparency has been essential for compliance and auditing, building trust and adoption at scale. Now the next wave is emerging. Western Union’s USDPT stablecoin on Solana, launching in early 2026 with Anchorage Digital, aims to cut remittance costs for 100 million users. Visa’s expanded support for four stablecoins across four blockchains has already quadrupled card spending in over 40 countries, with conversions available in 25 fiat currencies. But as the ecosystem matures, institutions are demanding more. Public transparency, once the proof of integrity, now exposes a deeper need: privacy that protects without concealing. This tension is clear as Tether forms a domestic entity for U.S. election spending and Circle launches Arc, its USDC testnet for programmable money in real-world use. For institutions managing trillions in value, privacy is not optional; it is the cornerstone of trust. Integrating zero-knowledge proofs and encrypted computation enables settlement that is both verifiable and confidential the foundation for stablecoins that satisfy regulation and preserve discretion. The next generation of stablecoin infrastructure must balance transparency with privacy and innovation with institutional confidence. That is how stablecoins can be great again.

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