FX

What traders are starting to notice is that stablecoins are no longer just exchange collateral. U.S. regulators, UK rulemakers, Japanese megabanks, and Korean bank-exchange alliances are all pushing the market toward payments, settlement, and FX infrastructure.

This is no longer just a yen story. Traders are stitching together the same signal across FX, rates and equity index futures: imported inflation is squeezing Japan and Korea, Europe cannot ignore it, and the Fed is not in a mood to rescue risk assets.