The Stablecoin Founder Map Doesn't Match the Stablecoin Volume Map

Most assume the stablecoin opportunity is centered where the capital is, in New York, San Francisco, and London. The largest stablecoin markets on Earth are in countries where most VCs have never held a meeting. In 2025, stablecoin transaction volume crossed $28 trillion globally, surpassing Visa and Mastercard combined. Most founders and capital remain concentrated in the U.S. and Europe, where stablecoins remain an institutional product. That layer is already contested: BlackRock, JPMorgan, an...