Enterprise Stablecoin Settlement: Achieving and Maintaining Singleness at Scale

Singleness of money — the idea that a unit is worth the same regardless of issuer or channel — is the property regulators expect stablecoins to hold at scale, and 2026 rulemaking, from the GENIUS Act to MiCA's redemption standards, is being built to enforce it at the reserve level. But the peg passes through more than reserves: issuance, custody, secondary-market trading, and settlement rails each introduce their own friction. As regulators warned at the Point Zero Forum, the biggest question facing the increasingly plural world of tokenized money today is whether convertibility at par can survive a crisis.

As stablecoins move towards becoming an accepted rail within B2B enterprise settlement, this session asks what needs to be built at each stage (reserve standards, custody guarantees, exchange safeguards, settlement finality) for singleness to actually hold, and whether non-dollar or deposit-backed models handle these concerns better or worse than reserve-backed models.