“You know, I think it’s the biggest RWA in the world,” Anton Robintsev said on the “On the Margin” podcast, using the abbreviation for real-world assets placed on the blockchain. The host guessed the house, then the company. “No, it’s Tether, because Tether is the biggest RWA. What are they doing? They’re tokenizing dollars. That’s it.”
That logic is now rapidly spreading downmarket. On Tuesday, Mosta, an AI-native business banking platform built on top of Robintsev’s company SquareFi, launched MainUSD, its own USD stablecoin issued by regulated provider Brale. A few years ago, dollar token minting was a moonshot of just Tether and Circle. It is becoming a feature of the product.
“Global companies should not have to choose between the speed of stablecoins and the ease of use of traditional financial rails,” Mosta co-founder Denis Spasio said in the announcement. The pitch is that customers can convert incoming funds or cryptocurrencies into one MainUSD balance, hold it, and move it through either fiat or stablecoin rails, with potentially zero swap fees depending on the plan, the company says. Mosta already supports $USDT and $USDCit is said that the euro coin EURC is coming.
Stablecoins move to the back office
Mosta is a small name in a very large shift. According to data compiled by Reap, stablecoin payment value will reach approximately $390 billion in 2025, more than double from the previous year, and stablecoin flows between companies will increase by more than 700% to more than $3 billion per month by the end of the year. The total stablecoin supply has reached nearly $321 billion, with Tether $USDT And the circle $USDC It accounts for over 80%.
“From a crypto retail buying and selling perspective, there is a bit of a crypto winter happening,” Sami Sturt of startup Transac said on the On the Margin podcast. “But the adoption of stablecoins is orthogonal to that, and right now institutions are just adopting stablecoins for real-world use cases, and that’s why we’re seeing growth in stablecoins.”
Major companies are also making similar moves. In June, MoneyGram launched its own MGUSD coin issued through Stripe’s Bridge. Mastercard has agreed to acquire stablecoin infrastructure company BVNK for up to $1.8 billion. Stripe, Circle, Visa, and PayPal are all building their own payment rails. What has changed for the little fish is that you no longer have to assemble the hard parts yourself.
Why launching a coin has become easier
The hard part is Brale’s job. The Des Moines company, founded by Dwora veteran Ben Milne, handles reserve management, compliance and issuance so customers don’t have to. The company is a registered money services business across 45 U.S. jurisdictions, issues monthly reserve certificates, and executed a proof of concept for private payments with Visa in June.
“We built Brale to make it easy for companies like Mosta to issue their own stablecoins without having to build reserve management, compliance, or issuance infrastructure from scratch,” said Chase Merlin, head of product at Brale. MainUSD is designed to comply with the GENIUS Act, the federal payments stablecoin law signed into law in July 2025, but its implementing regulations are still being developed and are not expected to be fully implemented until late 2026 or early 2027.
Issuing tokens is only half the job. The money still needs to land somewhere. “The on-chain leg needs to be in sync with the off-chain leg, which is the fiat part where payments are made,” Raj Kamal, co-founder and CEO of cross-border payments company TransFi, said on the podcast “On the Margin.” A license exists for this off-chain leg.
The difficult thing is the license.
Lovintsev is candid about where the actual work is headed. “Licensing is only 10% of the effort, the other 90% is the work of our partners,” he said. SquareFi has its main operations in Canada rather than an offshore haven, is registered as a money services business, and relies on licensed “umbrella” partners in Europe, the Middle East, and Asia to reach customers in other regions. “It’s almost impossible for offshore companies to really enter the fiat world,” he said. “That’s fine for cryptocurrencies and crypto-only projects, but it’s completely unacceptable in the traditional financial world.”
The payoff he describes is tangible. He said workers in Bangladesh will be able to receive their salaries from local partners who will redeem MainUSD on demand. SquareFi mints coins against the cryptocurrencies it holds as collateral, sends them, and partners convert them into local currency “in minutes.” This is the kind of route that today travels slowly and expensively via correspondent banks.
Whether the flood of brand money actually changes anything is an open question. Stablecoins still account for only about 1% of global cross-border payment flows, and not everyone is convinced that issuance of stablecoins is the same as reinventing banking.
“Today, in the Web3, Web2 world, everyone is taking the easy way out,” Neo, CEO of on-chain neobank UR, said on the podcast “On The Margin.” “easy $USDC Stablecoins are pretty cool because when you issue a card, all of a sudden you become a neobank and you can use them. But structurally, nothing has essentially changed,” Mosta believes, betting that owning dollars moving through the system is better than borrowing someone else’s dollars. “This is a completely different game,” Robintsev said.
