Rajesh
916 posts

Rajesh
@OxRajesh
Building @LoomalAI — Payments Layer for Agentic Commerce




.@a16z crypto dropped their stablecoin map 3 days ago. I spent the last 72h enriching it. Not because they did a bad job they did a great one (ty Noah Levine). But the stablecoin backend is so vast that no single map can capture it. So I added 150+ players and broke out the categories I think deserve their own row. 𝗧𝗵𝗲 𝟰 𝗹𝗮𝘆𝗲𝗿𝘀 𝗜 𝗯𝗿𝗼𝗸𝗲 𝗼𝘂𝘁 Layer 1: On-chain credit. Stablecoins aren't just rails anymore. They're collateral. Morpho, Aave Labs, Maple Finance, Centrifuge are originating loans at scale. Tokenized treasuries (BlackRock BUIDL, Ondo Finance, Superstate) crossed $7B AUM. DeFi quietly eating the credit market. Layer 2: Tokenized bank deposits. Not stablecoins. A parallel system. J.P. Morgan Kinexys (JPMD), Citi Token Services, BNY Mellon, HSBC, BNP Paribas, UBS Digital Cash. Banks aren't fighting stablecoins, they're issuing their own programmable money in parallel. Layer 3: Agent commerce. AI agents transacting in stablecoins. x402 (Coinbase + Cloudflare), AP2 (Google), ACP (OpenAI + Stripe). 6 months ago this was a thesis. Now it's live protocols. Layer 4: B2B accounting. Bitwave, Cryptio, TRES Finance. The plumbing nobody talks about until you need to close your books. 𝗪𝗵𝘆 𝗶𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗻𝗲𝘅𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 Most "stablecoin maps" you see online are payment-rail-only. Issuers, on-ramps, wallets, blockchains. They miss the half of the stack where the most interesting things are happening. The real shift isn't "can I send USDC faster than SWIFT." It's that an entire parallel financial system is forming, with credit, deposits, FX, accounting, and AI commerce all natively stablecoin-denominated. 𝗧𝗵𝗲 𝗽𝗮𝗿𝘁 𝗜 𝗳𝗶𝗻𝗱 𝗺𝗼𝘀𝘁 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴 Card-to-Stable PSPs became its own sub-category. Merchants accept cards as usual. Funds land in their USDC wallet in seconds. No FX markup, no T+2, no correspondent banks. The players: @subyhq (what we're building), Stripe (via Bridge), BVNK, Inflowpay Worldpay and Triple-A. Full map (3 slides) below ↓ Hat tip to a16z crypto for the original framework. PS: I post weekly about stablecoin infra with Suby and the reality of building a payment startup. Follow for more.










