Why BlackRock, Visa, and JPMorgan Are Building Stablecoin Infrastructure Now

Key Takeaways

• BlackRock BUIDL validation: $2.9B tokenized treasury fund on public blockchain (39% market share) proves institutional appetite for blockchain-native infrastructure
• GENIUS Act inflection point (July 2025): Federal framework enabled cash equivalent classification, eliminated regulatory uncertainty blocking CFO adoption
• Visa’s $140B+ signal: Multi-chain stablecoin support, cross-border prefunding pilot, $2.5B+ settlement run rate shows payment networks embracing blockchain rails
• JPMorgan’s 10x growth trajectory: $2B+ daily Kinexys volume (<0.02% of total) signals 10-20 year infrastructure repositioning despite small current scale
• 50-80% international payment cost reduction: $750K-$3.5M traditional costs → $200K-$700K stablecoin settlement for $25M-$50M annual volume
• Working capital optimization: Instant settlement frees $2M-$5M from payment float, improving current ratio 10-15 basis points, critical for covenant compliance
• Cash equivalent accounting treatment: SEC April 2025 + GENIUS Act enables balance sheet classification as cash equivalents, not risky digital assets
• 2-4 week CFO implementation: Treasury integration, GENIUS Act compliance, ERP reconciliation automation, no crypto expertise required for finance teams
• Institutional buildout phase (2025-2026): Early adopters capture 2-3 years cost savings + optimization experience before mainstream CFO adoption (2027-2028)
• RWA tokenization foundation: Stablecoin adoption becomes entry point to $30T projected tokenized asset market by 2034

March 20, 2024. BlackRock, world’s largest and most conservative asset manager, overseeing $10 trillion, did something that would have been unthinkable 18 months earlier. They launched a tokenized money market fund on Ethereum’s public blockchain.

Not a private, permissioned blockchain visible only to select institutions. Not a pilot with $10 million to test the waters. A real product, backed 100% by US Treasury bills, available to institutional clients, operating on the same public infrastructure that powers decentralized cryptocurrency trading.

Within 18 months, BlackRock’s BUIDL fund grew from $0 to $2.9 billion in assets under management, becoming the fastest-growing tokenized asset product in history and capturing 39% market share of the tokenized treasury sector.

Then came June 2025. JPMorgan, America’s largest bank, processing $10 trillion in daily payments, issued JPMD, a deposit token on Coinbase’s public Base blockchain. Their Kinexys platform (formerly JPM Coin) saw transaction volume grow 10x year-over-year, processing over $2 billion daily for corporate clients.

October 2025. Visa announced expansion to support 4 additional stablecoins across 4 new blockchains, adding to the $140 billion in stablecoin transactions they’d already facilitated since 2020. Their stablecoin settlement network hit a $2.5 billion+ annualized run rate in Q4 2025.

Three institutions. Eighteen months. $2.9 billion on blockchain + $140 billion processed + 10x volume growth.

These aren’t cryptocurrency startups experimenting with speculative technology. They’re the most established names in finance, institutions that move deliberately, analyze exhaustively, and only commit capital when infrastructure is proven and regulatory frameworks are clear.

For CFOs managing $25M-$50M in annual international payments ($750K-$3.5M in costs), BlackRock’s, Visa’s, and JPMorgan’s moves answer a critical strategic question: Is stablecoin adoption an emerging CFO best practice, or risky cryptocurrency speculation?

When the world’s most conservative financial institutions put billions on blockchain infrastructure simultaneously, they’re not hedging bets. They’re repositioning for payment rails shifting from correspondent banks to blockchain settlement over the next 3-5 years.

This is why they’re building now, and what mid-market CFOs should understand about institutional timing.

BlackRock’s $2.9B Validation: Why Tokenized Treasuries Matter for CFO Strategy

The BUIDL Launch That Changed Institutional Perception

What BlackRock Actually Built

BlackRock USD Institutional Digital Liquidity Fund (BUIDL) represents something financial markets hadn’t seen before: a traditional money market fund, the most conservative institutional investment vehicle, delivered via public blockchain infrastructure.

The fundamentals:

• 100% backed by US Treasury bills and cash (not cryptocurrency speculation)
• 4.5% annual yield paid daily as new tokens (current Treasury rates)
• $5 million minimum investment initially (institutional clients only)
• Available 24/7/365 for peer-to-peer transfers (vs. traditional fund redemption windows)

The growth trajectory:

• March 20, 2024: Launch on Ethereum
• March 13, 2025: Crossed $1 billion AUM
• November 2025: Reached $2.9 billion AUM (current)
• Market position: 39% share of tokenized treasury sector

The multi-chain strategy:
Expanded from Ethereum to 7 blockchains by Q4 2024, Aptos, Arbitrum, Avalanche, Optimism, Polygon, Solana, meeting institutional clients where liquidity exists rather than dictating infrastructure choice.

Why This Isn’t “Crypto”, It’s Treasury Optimization

CFOs initially skeptical of “cryptocurrency” miss what BlackRock actually built: a more efficient delivery mechanism for the most conservative asset class (US Treasuries).

The institutional advantages:

Advantage 1: 24/7 Liquidity Access

• Traditional money market funds: Redemptions process during business hours, settle T+1 or T+2
• BUIDL tokens: Instant peer-to-peer transfers anytime, on-chain settlement in minutes
• CFO use case: Access treasury reserves Saturday morning for urgent international supplier payment, impossible with traditional funds

Advantage 2: Balance Sheet Composability

• BUIDL tokens used as collateral in institutional lending
• Backing for other tokenized assets and stablecoins
• Programmable treasury management via smart contracts
• Example: Ondo Finance holds $1.29 billion in BUIDL (90% of reserves) as backing for their tokenized asset products

Advantage 3: Real-Time Transparency

• On-chain verification of holdings vs. quarterly 13F filings
• Smart contracts automate compliance and distributions
• Reduced counterparty risk, blockchain settlement eliminates intermediaries
• CFO benefit: Real-time audit trail for external auditors, improved internal controls

Advantage 4: Operational Efficiency

• Automated redemptions via smart contracts
• Programmable yield distributions
• Reduced back-office reconciliation
• Cost impact: 30-50% reduction in treasury operations overhead

Who’s Using BUIDL Reveals Broader Ecosystem

Major institutional holders:

Ondo Finance: Holds ~$1.29 billion (90% of BUIDL’s total reserves)

• Tokenizes real-world assets (real estate, private credit, commodities)
• Uses BlackRock’s tokenized Treasuries as stable backing for their products
• Pattern: Building on institutional-grade foundation rather than competing

Ethena Labs: Developer of USDe algorithmic stablecoin

• Uses BUIDL in reserve strategy for stability
• Institutional-grade backing improves USDe’s credibility with enterprise clients

Crypto.com & Deribit: Major cryptocurrency exchanges

• Accept BUIDL as trading collateral alongside Bitcoin and USDC
• Signals: Traditional asset-backed tokens gaining parity with crypto-native assets

The Strategic Signal to CFOs

BlackRock managing $10 trillion chose public blockchains (Ethereum, Solana) not private, permissioned networks.

This decision signals:

1. Liquidity prioritization: Public chains offer deeper liquidity pools than closed systems
2. Infrastructure maturity validation: If BlackRock trusts public blockchain security for $2.9 billion client assets, “too risky” objections lose credibility
3. Regulatory confidence: BlackRock’s legal/compliance teams vetted public blockchain operations under SEC money market fund rules
4. Long-term positioning: Not piloting, building infrastructure for 10-20 year horizon

For CFOs evaluating stablecoin treasury adoption: When the world’s most conservative asset manager puts $2.9 billion of institutional capital on public blockchain, the “this is speculative crypto” argument became indefensible.

Visa’s Cross-Border Revolution: Why Payment Networks Are Embracing Stablecoins

The October 2025 Expansion That Caught Treasury Teams’ Attention

Visa’s Multi-Chain, Multi-Coin Strategy

Current stablecoin support (as of October 2025):

• Stablecoins integrated: USDC (Circle), PYUSD (PayPal/Paxos), USDG (Paxos), EURC (Circle)
• Blockchains enabled: Ethereum, Solana, Stellar, Avalanche
• October 2025 announcement: 4 additional stablecoins across 4 new blockchains (specifics pending)
• Conversion capability: 2 stablecoin currencies convertible to 25+ conventional fiat currencies

Transaction scale proving viability:

• $140 billion+ in stablecoin/cryptocurrency transactions facilitated since 2020
• $2.5 billion+ annualized stablecoin settlement network run rate (Q4 2025)
• 4x year-over-year increase in card spending linked to stablecoins

Not Defending Card Networks, Building the Bridge

Traditional payment network defensive playbook: Improve legacy infrastructure efficiency, raise barriers to alternatives, lobby against disruption.

Visa’s stablecoin strategy: Integrate blockchain settlement alongside card networks, become the infrastructure connecting both payment rails.

Why this positioning matters:

• Visa recognizes blockchain settlement offers advantages card networks can’t match: 10-minute settlement vs. 2-5 days, 0.5-1% cost vs. 2.9-4.5%, 24/7 availability vs. banking hours
• Rather than defend traditional economics, Visa positions as infrastructure provider for both rails
• Strategic insight: When payment network dominant for 60+ years embraces competitor technology, signals fundamental shift

The Working Capital Pilot CFOs Should Understand

Visa’s Cross-Border Prefunding Solution (September 2025 launch)

Problem Visa solves:
Traditional cross-border business payments via Visa Direct require companies to prefund accounts, locking capital in anticipation of payment needs. Treasury teams hold millions in idle funds earning minimal return while waiting for international transactions.

Stablecoin innovation:

• Businesses hold stablecoins (USDC/EURC) instead of prefunded fiat in Visa accounts
• When cross-border payment is needed, stablecoins are instantly converted and settled
• Capital remains liquid, earning 4-5% treasury-equivalent yield until moment of payment
• Working capital optimization eliminates days/weeks of idle capital sitting in prefunded accounts

CFO impact:
Company processing $25M annually in cross-border payments traditionally prefunds $2M-$3M in Visa accounts. At 10% cost of capital, this represents $200K-$300K annual opportunity cost. Stablecoin prefunding eliminates this inefficiency while maintaining payment capability.

Regulatory catalyst:
Visa CFO Chris Suh explicitly cited GENIUS Act passage (July 2025) as providing regulatory clarity needed for institutional pilot launch. Within 60 days of legislation signing, Visa launched program.

Why Visa Supports Multiple Stablecoins Across Multiple Blockchains

Unlike enterprises choosing single payment processor or blockchain, Visa integrates everything:

Strategic logic:

• No blockchain lock-in: Different institutions prefer different chains (Ethereum for DeFi integration, Solana for speed, Stellar for emerging markets)
• Stablecoin diversity: Some prefer Circle’s USDC (institutional backing), others PayPal’s PYUSD (consumer integration), Paxos’s USDG (regulatory positioning)
• Regional optimization: EURC for European transactions, future regional stablecoins for local markets

Visa positioning as universal settlement layer connecting fragmented infrastructure, not forcing standardization but enabling interoperability.

What Visa’s Strategy Reveals About Payment Future

Visa’s multi-chain approach signals payment infrastructure evolving differently than card network consolidation:

• Not: Single blockchain or stablecoin “wins” and dominates like Visa/Mastercard duopoly
• Instead: Multiple blockchains and stablecoins coexist; interoperability provides value

For CFOs: Don’t wait for “winning” blockchain to emerge. Build treasury infrastructure supporting multiple options, fragmentation is feature, not bug, of blockchain settlement.

JPMorgan’s Kinexys Play: When the Biggest Bank Goes Blockchain

The JPMD Launch That Signaled Enterprise Settlement Evolution

What JPMorgan Built (June 2025)

JPMD specifications:

• Deposit token issued on Coinbase Base blockchain (public, not permissioned)
• Not technically a stablecoin: Represents deposit at JPMorgan, not reserve-backed token like USDC
• Permissioned initially: Only pre-authorized institutional clients can hold JPMD
• Redeemable 1:1: Always convertible to USD deposits at JPMorgan
• Future feature: Interest-bearing versions planned to compete with traditional deposit products

Kinexys evolution (rebranded from JPM Coin/Onyx):

• Processing $2 billion+ daily for corporate treasury clients (dollars, euros, pounds)
• 10x volume growth year-over-year
• 24/7/365 settlement vs. traditional banking hours
• Context: $2B daily = <0.02% of JPM’s $10 trillion daily traditional payment volume

Why JPM Built This: The Enterprise Treasury Problem

Problem 1: Settlement Speed Kills Working Capital

• SWIFT international payments: 3-5 days settlement through correspondent bank chains
• ACH domestic payments: 1-3 business days
• Wire transfers: Same-day if before cutoff, otherwise next day
• CFO impact: $2M-$5M constantly in transit for $100M annual payment volume company

Kinexys solution: Blockchain settlement in seconds to minutes, 24/7/365 availability

Problem 2: Correspondent Banking Costs

• Multiple intermediary banks in international payment chains
• Each intermediary charges fees ($15-$50), adds delays (8-24 hours)
• FX conversion at each step with 1-3% markup
• Total cost: 3-7% all-in for international B2B payments

Kinexys solution: Direct peer-to-peer settlement eliminates 2-4 intermediaries

Problem 3: Weekend/Holiday Blackouts

• Traditional banking operates business hours only
• Friday afternoon payment settles Monday (72-hour delay)
• International holidays compound delays across time zones
• CFO frustration: Urgent supplier payment waits 72+ hours for banking system availability

Kinexys solution: Blockchain operates continuously, settle Saturday morning same as Tuesday afternoon

JPMD Use Cases Revealing Enterprise Strategy

Use Case 1: On-Chain Digital Asset Settlement

• Institutions trading tokenized securities need settlement currency
• JPMD provides bank-backed, regulated settlement token
• Eliminates reliance on third-party stablecoins (USDC, USDT) for institutional DeFi
• Competitive positioning: JPM settlement token vs. Circle/Tether alternatives

Use Case 2: Cross-Border B2B Treasury Operations

• Corporate clients settling international invoices/contracts
• JPMD enables instant settlement vs. 3-5 day SWIFT
• Particularly valuable for supply chain finance (time-sensitive payments)
• Working capital benefit: Suppliers receive funds 3-5 days faster, improving supply chain resilience

Use Case 3: Programmable Corporate Treasury

• Smart contract integration for conditional payments (invoice upon delivery confirmation)
• Automated treasury operations (threshold-based fund movements)
• Future: Interest-bearing JPMD for deposit product parity
• CFO value: Automated treasury rules eliminate manual treasury team processes

The $2B in $10T Context: Why Small Numbers Matter

Kinexys processing $2 billion+ daily represents <0.02% of JPMorgan’s $10 trillion daily traditional payment volume. Yet JPM continues investing heavily, infrastructure buildout, rebranding (Onyx → Kinexys), public blockchain expansion (JPMD launch).

Why this tiny percentage signals CFO strategy:

1. 10x year-over-year growth trajectory shows exponential adoption
2. Institutional pilot scale: Enterprises test blockchain settlement at 0.1-1% of volume before migrating larger percentages
3. Infrastructure positioning: Building capacity before demand scales, 10-20 year horizon investment

For CFOs: When America’s largest bank invests in blockchain infrastructure processing <0.02% of volume, they’re not optimizing current operations, they’re positioning for payment rails shifting over next decade.

The GENIUS Act Timing: Why July 2025 Unlocked Institutional Adoption

The Regulatory Uncertainty That Blocked 2020-2023

Prior to GENIUS Act, stablecoins existed in regulatory gray area preventing conservative CFO adoption:

Pre-July 2025 barriers:

• Securities uncertainty: Unclear whether stablecoins constituted securities requiring SEC registration
• Patchwork licensing: 50 different state money transmitter regimes with conflicting requirements
• No federal standards: No reserve requirements, audit mandates, or consumer protections
• Accounting ambiguity: CFOs couldn’t obtain clarity on balance sheet classification (digital asset vs. cash equivalent)

Result: Institutions like BlackRock, Visa, JPMorgan couldn’t build material stablecoin infrastructure without regulatory certainty, despite recognizing efficiency advantages.

What GENIUS Act Established (Signed July 18, 2025)

The Five Pillars of Federal Framework

Pillar 1: Reserve Requirements

• 1:1 USD backing mandatory (no fractional reserves permitted)
• High-quality liquid assets only: Cash + US Treasury bills
• Segregated reserves held at qualified custodians
• CFO confidence: Stablecoin backing identical to money market funds

Pillar 2: Audit Standards

• Monthly Big Four accounting firm audits required
• Public attestations of reserve adequacy
• Real-time proof-of-reserves encouraged
• CFO benefit: Audit trail meeting external auditor standards

Pillar 3: Securities Status Clarity

• Payment stablecoins explicitly NOT securities under federal law
• Removes SEC jurisdiction uncertainty
• Clear pathway for institutional adoption without securities registration burden
• CFO relief: No need to register stablecoin holdings as securities on balance sheet

Pillar 4: Regulatory Oversight

• OCC supervision for non-bank stablecoin issuers (via trust charters)
• Federal Reserve oversight for bank subsidiary issuers
• Federal preemption of state money transmitter patchwork
• CFO advantage: Single federal compliance regime vs. 50-state navigation

Pillar 5: Consumer Protections

• Clear redemption rights (1:1 USD at all times)
• Disclosure requirements (reserve composition, audit results public)
• Fraud/misrepresentation penalties
• CFO assurance: Consumer protection framework reduces regulatory risk

The Accounting Treatment Breakthrough CFOs Needed

SEC April 2025 Guidance + GENIUS Act = Cash Equivalent Classification

Before April 2025:

• Stablecoins classified as “digital assets” on balance sheets
• Volatile accounting treatment, potential mark-to-market requirements
• CFOs/external auditors uncertain about proper classification
• Conservative CFOs avoided stablecoins due to accounting uncertainty

After SEC Staff Statement (April 4, 2025) + GENIUS Act (July 2025):

• Qualifying stablecoins treated as cash and cash equivalents
• Standard accounting treatment identical to money market funds
• No cryptocurrency-specific accounting expertise required
• Bloomberg: Stablecoins could appear in “cash and cash equivalents” line on balance sheets

CFO impact: External auditors now accept stablecoin classification as cash equivalents, eliminating primary CFO adoption barrier.

The Institutional Response Timeline Reveals Causation

July 18, 2025: President signs GENIUS Act into law

September 2025 (60 days post-signing): Visa launches cross-border stablecoin prefunding pilot

• Visa CFO explicitly cites GENIUS Act as enabling regulatory clarity
• Would not have launched pilot without federal framework

October 2025 (90 days post-signing): Wave of OCC trust charter applications

• Stripe/Bridge, Coinbase, Circle, Paxos, Ripple all file federal charter applications
• Companies building compliance infrastructure to GENIUS Act standards from day one

November 2025: BlackRock BUIDL accelerates to $2.9B AUM

• Institutional confidence increases post-GENIUS Act
• CFO peer adoption reduces “early adopter” risk perception

Pattern: Regulatory clarity drove immediate coordinated institutional action, not gradual adoption but simultaneous buildout within 90-120 days.

What This Timing Means for CFOs

Pre-July 2025: “We’re waiting for regulatory clarity” was prudent risk-averse CFO position.

Post-July 2025: Federal framework established, accounting treatment clear, institutional validation evident, delay becomes competitive risk, not prudent caution.

The CFO decision point: When BlackRock launches post-GENIUS Act, Visa pilots within 60 days, and JPM grows 10x annually, these institutions signal regulatory risk resolved. CFOs piloting 2025-2026 capture first-mover advantages. Late followers enter 2027-2028 when infrastructure mature but competitive positioning lost.

The CFO Business Case: Cost, Working Capital, and Balance Sheet Impact

Payment Cost Transformation at Scale

Current international payment economics:

• Wire transfer fees: $45-140 per transaction (sending + receiving + intermediary banks)
• FX conversion markups: 2-4% over interbank rates
• Correspondent bank fees: $15-50 per intermediary
• All-in cost: 3-7% for international B2B payments

Stablecoin settlement economics:

• Transaction cost: <$5 flat or <1% regardless of amount
• No FX fees: USDC/USDT pegged 1:1 to USD
• No intermediaries: Direct peer-to-peer blockchain settlement
• All-in cost: 0.5-1% effective rate

ROI calculation for mid-market CFO:

Company profile: $25M annual international payments

Traditional costs:

• Wire fees: 150 transactions × $100 average = $15K
• FX markups: $25M × 3% = $750K
• Correspondent charges: 150 transactions × $30 = $4.5K
• Total annual cost: $769.5K (3.1% effective rate)

Stablecoin costs:

• Transaction fees: 150 transactions × $3 average = $450
• FX conversion: Minimal (direct USD settlement via USDC)
• Processing: $25M × 0.8% = $200K
• Total annual cost: $200.45K (0.8% effective rate)

Annual savings: $569K (74% reduction)
Payback period: Immediate (first month of implementation)

Working Capital Optimization Value

The settlement float problem:

Traditional 2-5 day settlement means $2M-$5M constantly in transit for company processing $100M-$150M annually. This capital locked in payment float earns no return and can’t be deployed in operations.

Opportunity cost calculation:

• Average float: $3M constantly settling
• Cost of capital: 10%
• Annual opportunity cost: $300K

Stablecoin instant settlement:

• Average settlement time: 10 minutes
• Effective float: ~$0 (negligible)
• Recovered working capital: $3M available for operations

Balance sheet impact:

• Current ratio improvement: 10-15 basis points for typical mid-market balance sheet
• Critical for companies near bank covenant thresholds (minimum 1.2x current ratio common)
• Company at 1.23x current ratio moves to 1.35x+ with settlement optimization

The Cash Equivalent Classification Advantage

Balance sheet presentation:

Before GENIUS Act + SEC guidance:

• Stablecoins: Classified under “Digital Assets” or “Other Assets”
• Auditor footnotes: Extensive disclosures on cryptocurrency risk
• Investor perception: “Why is this company speculating in crypto?”

After GENIUS Act + SEC guidance:

• Stablecoins: Classified as “Cash and Cash Equivalents”
• Auditor treatment: Standard money market fund documentation
• Investor perception: “Treasury management optimization strategy”

CFO advantage: Stablecoin holdings strengthen balance sheet liquidity ratios rather than requiring risk disclosures.

Total CFO Value Proposition

For company processing $25M-$50M international payments annually:

Year-One Financial Impact:

• Payment cost savings: $569K-$1.2M (50-75% reduction)
• Working capital optimization: $200K-$500K (opportunity cost recovery)
• Operational efficiency: $50K-$100K (reduced treasury team reconciliation burden)
• Total year-one benefit: $819K-$1.8M

Implementation investment:

• Torsion enterprise integration: $25K-$35K
• Internal treasury team allocation: 40-60 hours
• Total investment: $30K-$40K

ROI: 2,048-4,500% return
Payback period: 6-14 days

These numbers reflect conservative assumptions. Companies with higher international payment volumes or more expensive traditional infrastructure see proportionally larger benefits.

Implementation Strategy: From Board Approval to Treasury Operations

Phase 1: Building the CFO Business Case (Weeks 1-2)

Financial analysis requirements:

Payment cost baseline:

• Audit 12 months international payment history
• Calculate all-in costs: wires + FX + correspondent fees + internal processing
• Segment by transaction size, destination, urgency
• Deliverable: Current state cost per transaction and annual total

Working capital assessment:

• Calculate average payment float (dollars in transit)
• Apply cost of capital percentage (typically 8-12%)
• Model current ratio impact from instant settlement
• Deliverable: Annual opportunity cost and balance sheet improvement

ROI projection:

• Stablecoin cost estimate (0.5-1% effective rate)
• Implementation investment ($25K-$35K typical)
• Payback period calculation
• 3-year NPV analysis
• Deliverable: Board-ready financial model

Phase 2: Regulatory and Accounting Documentation (Weeks 2-3)

Audit committee materials:

GENIUS Act compliance framework:

• Reserve requirements (1:1 backing documentation)
• Monthly audit standards (Big Four firm attestations)
• Consumer protection provisions
• Federal oversight structure (OCC/Fed supervision)
• Deliverable: Regulatory compliance memo for audit committee

Cash equivalent classification support:

• SEC April 2025 staff statement summary
• Accounting policy memo (ASC 305 cash and cash equivalents)
• External auditor discussion points
• Balance sheet presentation examples
• Deliverable: Accounting treatment documentation for CFO/Controller review

Institutional validation brief:

• BlackRock BUIDL details ($2.9B AUM, 39% market share)
• Visa transaction volume ($140B+ processed since 2020)
• JPMorgan Kinexys growth (10x year-over-year, $2B+ daily)
• Deliverable: “Institutional precedent” one-pager for board

Phase 3: Treasury Integration (Weeks 3-6)

Technical implementation pathways:

Option 1: Payment Processor Integration (2-3 weeks)

• Stripe/PayPal stablecoin checkout enabled
• Dashboard configuration for USDC acceptance
• Auto-conversion setup (receive USD, customer pays USDC)
• Best for: Customer-facing payments, quick wins

Option 2: Direct Circle/Coinbase Integration (3-4 weeks)

• REST API connection to USDC issuer (Circle) or Coinbase Commerce
• Custom webhook handling for settlement confirmations
• Treasury-specific use cases (supplier payments, invoice settlement)
• Best for: B2B treasury operations, international suppliers

Option 3: Torsion Enterprise Implementation (2-4 weeks)

• Platform-agnostic integration (works with Stripe, Circle, Coinbase, future platforms)
• Complete GENIUS Act compliance infrastructure
• ERP reconciliation automation (NetSuite, SAP, QuickBooks)
• Cash equivalent accounting documentation
• Code ownership post-implementation (no vendor lock-in)
• Best for: CFO-led treasury optimization with audit-ready compliance

Treasury team training:

• Stablecoin operations overview (2-hour session)
• ERP reconciliation workflow (hands-on training)
• Exception handling procedures
• Audit documentation protocols
• Goal: Treasury team treats stablecoins as standard payment method, not “crypto operations”

Phase 4: Pilot Launch (Weeks 7-10)

Pilot scope definition:

Priority use case: International supplier payments >$5K

• 10-20% of international transaction volume initially
• Focus on transactions where cost savings most material
• Maintain traditional payment options as backup

Success metrics:

• Transaction cost per payment (target: 60-80% reduction)
• Settlement time improvement (target: 2-5 days → 10 minutes)
• Treasury team time savings (reconciliation burden reduction)
• Supplier satisfaction feedback

Risk mitigation:

• Hybrid approach: Stablecoin + traditional payment options
• Volume limits initially ($50K per transaction, $500K monthly)
• Manual review for first 20-30 transactions
• Escalation path for treasury team questions

Phase 5: Board Reporting and Scale Decision (Weeks 11-12)

Pilot results presentation:

Financial performance:

• Actual cost savings vs. projection
• Working capital impact measured
• Balance sheet metrics (current ratio improvement)
• ROI achieved vs. forecast

Operational assessment:

• Treasury team efficiency gains
• Supplier feedback and adoption
• Reconciliation accuracy
• External auditor preliminary feedback

Scale recommendation:

• Expand: Increase to 30-50% of international volume if hitting cost/operational targets
• Maintain: Continue at 10-20% if achieving savings but operational complexity moderate
• Refine: Adjust processes if falling short of financial/operational goals

The Real-World Assets Context: Stablecoins as Foundation Layer

Why BlackRock’s BUIDL Matters Beyond $2.9 Billion

BlackRock’s tokenized treasury fund isn’t standalone product, it’s infrastructure foundation for broader asset tokenization ecosystem.

RWA (Real-World Assets) Tokenization Market:

• $24 billion current market (2025)
• 308% growth over 3 years
• Projected: $30 trillion by 2034
• Categories: Treasury funds, real estate, private credit, commodities, securities

Why BUIDL became RWA infrastructure:

Ondo Finance example:

• Holds $1.29 billion in BUIDL (90% of total BUIDL reserves)
• Uses BlackRock’s tokenized Treasuries as backing for their own tokenized products
• Pattern: Institutions build on institutional-grade foundation rather than competing

Strategic implications for CFOs:

• Stablecoin adoption isn’t just payment optimization
• Entry point to broader tokenized asset ecosystem
• Treasury operations evolving toward on-chain asset management
• BlackRock positioning BUIDL as institutional trust layer for DeFi

For CFOs: Today’s stablecoin treasury adoption becomes tomorrow’s tokenized asset infrastructure. Early positioning provides optionality when real estate, private credit, and securities tokenization scales.

When Conservative Finance Repositions, Mid-Market Should Evaluate

BlackRock launched BUIDL on public blockchain March 2024, grew to $2.9 billion in 18 months, captured 39% market share, validating institutional appetite for blockchain-native treasury infrastructure.

Visa integrated 4+ stablecoins across 4+ blockchains, processed $140 billion since 2020, launched working capital optimization pilot post-GENIUS Act, positioning as bridge between traditional and blockchain payment rails.

JPMorgan issued deposit token on public blockchain, grew Kinexys 10x year-over-year to $2 billion+ daily, processes <0.02% of volume on blockchain but invests for 10-20 year infrastructure evolution, signaling payment rails shifting.

The common pattern: Conservative financial institutions controlling trillions repositioned around stablecoin infrastructure within 6 months of GENIUS Act regulatory clarity.

The CFO Timing Decision

2025-2026 (institutional buildout phase):

• Pilot stablecoin treasury infrastructure following BlackRock/Visa/JPM playbook
• Capture $500K-$2M annual cost savings + working capital optimization
• Gain 2-3 years process optimization experience before mainstream adoption
• Position as strategic CFO leveraging institutional validation

2027-2028 (infrastructure maturity):

• Enter with proven platforms but 2-3 years competitive disadvantage
• Cumulative cost savings lost: $1.5M-$6M for typical mid-market company
• Late follower positioning when stablecoins become CFO standard practice

2029+ (mainstream adoption):

• Industry-standard infrastructure but strategic timing advantage lost
• Competitors optimized treasury operations and balance sheet metrics
• Board/investor questions: “Why didn’t we evaluate this when institutions adopted?”

The Institutional Validation Window

When BlackRock puts $2.9 billion on Ethereum, Visa processes $140 billion in stablecoin transactions, and JPMorgan grows blockchain volume 10x annually, these aren’t experiments. They’re infrastructure repositioning for 3-5 year payment rails evolution.

CFOs evaluating “when to adopt stablecoins” received answer: World’s most conservative financial institutions building now. Companies piloting 2025-2026 following institutional playbook gain first-mover advantages in cost savings, working capital optimization, and balance sheet presentation. Waiting for “more maturity” means entering when infrastructure evolved but competitive advantages captured by early movers.

Payment infrastructure rarely shifts this fundamentally. The question isn’t whether blockchain settlement competes with correspondent banks, $14 trillion annual volume proves viability. The question is whether your treasury strategy leverages institutional validation during buildout phase (2025-2026), or accepts late follower positioning when BlackRock/Visa/JPM infrastructure matures (2027-2028).

Implement Institutional-Grade Stablecoin Treasury Infrastructure

Torsion builds CFO-focused stablecoin treasury infrastructure following BlackRock/Visa/JPMorgan institutional playbook, integrating with Circle, Coinbase Commerce, Stripe, and future chartered platforms. GENIUS Act compliance and cash equivalent accounting documentation included, you own the code post-implementation.

CFO Implementation Includes:

• Financial analysis (payment cost baseline, working capital assessment, ROI projection)
• Regulatory documentation (GENIUS Act compliance framework, audit committee materials)
• Accounting treatment (cash equivalent classification support, SEC guidance summary)
• Treasury integration (2-4 weeks, ERP reconciliation automation for NetSuite/SAP/QuickBooks)
• Board presentation materials (institutional validation brief, pilot results framework)

Schedule CFO Treasury Assessment →

What’s your primary stablecoin evaluation driver?

☐ International payment cost reduction (following Visa’s $140B+ settlement model)
☐ Working capital optimization (inspired by JPMorgan Kinexys treasury efficiency)
☐ Balance sheet improvement (cash equivalent classification post-GENIUS Act)
☐ Institutional validation positioning (BlackRock $2.9B endorsement for board confidence)

Assessment evaluates treasury operations, calculates CFO-specific ROI (payment savings + working capital value + balance sheet impact), and delivers board-ready business case for pilot approval. Implementation follows institutional playbook during buildout phase (2025-2026) before mainstream CFO adoption surge (2027-2028).