To access dollar exposure when you cannot access it through traditional or sanctioned financial systems, institutions, and infrastructure. These orgs are trying to skate to where the puck is going to be; as instant payments negate the need for commercial domestic payment rails, there still exists a TAM of global unbanked who may want to hold dollars, but for whatever reason, are unable to. Is it rails? Is it a wallet? Choose your own adventure in a low regulatory environment.
Zelle is issuing their own dollar coin in India, for example.
Nation state instant payment systems will eventually work out cross border payments, so this TAM exists until then, which shouldn't be long because stablecoins challenge the sovereignty of other nation central banks.
Can someone smarter than me explain why someone would choose this over the US dollar?
To access dollar exposure when you cannot access it through traditional or sanctioned financial systems, institutions, and infrastructure. These orgs are trying to skate to where the puck is going to be; as instant payments negate the need for commercial domestic payment rails, there still exists a TAM of global unbanked who may want to hold dollars, but for whatever reason, are unable to. Is it rails? Is it a wallet? Choose your own adventure in a low regulatory environment.
Zelle is issuing their own dollar coin in India, for example.
Zelle® Heads to India, Unveils ZelleUSDSM Stablecoin For Other Markets - https://www.zelle.com/press-releases/zelle-heads-to-india-un... - June 11th, 2026
Nation state instant payment systems will eventually work out cross border payments, so this TAM exists until then, which shouldn't be long because stablecoins challenge the sovereignty of other nation central banks.
Fintech Threads: Stablecoins and Model Distillation - https://network.fintechtakes.com/library/c799632a-dd0b-47c2-...
(you could consider these large, incumbent competitors to companies like https://www.ycombinator.com/companies/nsave)