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Spotlight on Stablecoins as Infrastructure and UlluCoin Case Study

Stablecoins aren’t just infrastructure — they’re shaping culture too, from powering finance to launching tokens in media and entertainment.

Author

Scott Kasten
October 03, 2025

Spotlight: Stablecoins as Infrastructure, Not Just Coins

If the first decade of crypto was about Bitcoin as digital gold, this one may be about stablecoins as digital dollars. Q3 2025 made that crystal clear: stablecoins are no longer a niche trading pair — they’re evolving into the backbone of global on-chain finance.

From Speculative Sidekick to Core Plumbing

  • In Q3 alone, $15.6 trillion in stablecoin transfers took place — a staggering sum that rivals traditional payment networks.

  • With a $300+ billion market cap, stablecoins now represent the single largest sector of crypto outside of Bitcoin and ETH.

  • USDC and USDT remain dominant, but the emergence of yuan-backed offerings like China’s AxCNH highlights how stablecoins are also becoming instruments of geopolitical influence.

Why They Matter More Now

  1. Legal Clarity in the U.S.
    The GENIUS Act enshrines one-for-one reserves and federal oversight, turning stablecoins from “shadow dollars” into recognized financial instruments. Combined with SEC accounting guidance that treats stablecoins as cash equivalents, institutions now have little reason not to use them.

  2. Treasuries and Macro Impact
    Tether alone holds nearly $100B in U.S. Treasuries, making it a top-10 holder worldwide. Stablecoins are no longer passive; they directly influence government debt markets, money supply, and interest rates.

  3. Programmable Money
    Beyond just settlement, stablecoins unlock smart contract use cases: automated payments, DeFi lending, NFT marketplaces, loyalty rewards, cross-border remittances — all without bank intermediaries.

The Open Questions

  • Concentration Risk: With only a few issuers controlling the bulk of supply, a regulatory hit or reserve panic could send shockwaves.

  • Bot Dominance: Over 70% of transfers are automated, raising the question of how much “real” commerce is happening.

  • Algorithmic & Hybrid Models: Projects outside the fiat-backed model must prove they can meet the same transparency and stability standards.

The Takeaway

Stablecoins are no longer “just another crypto.” They’re the connective tissue linking traditional finance to Web3, setting the stage for tokenized assets, digital trade, and programmable money. The battle ahead won’t be about whether they last, but which models win, which jurisdictions lead, and who controls the new plumbing of global finance.

Case Study: UlluCoin and the Next Wave of Media Loyalty

For years, Web3 loyalty experiments have been led by sneaker brands, coffee chains, and airlines. In Q3, we saw the model extend into media — a sector where fan engagement and monetization are ripe for disruption.

What Happened

OTT platform Ullu, known for its edgy content library, launched UlluCoin, its own digital token, with backing from Cypher Capital. The coin is designed to support subscriptions, content purchases, fan rewards, and potentially NFT-based collectibles tied to shows and creators.

Why It Matters

  • Media Meets Loyalty: Entertainment platforms thrive on fan engagement. UlluCoin offers a direct way to reward viewing, sharing, and even co-creation — something traditional streaming platforms don’t provide.

  • Programmable Rewards: Instead of flat discounts, tokens can unlock tiered benefits — from early access to premium content, to voting rights on show concepts, to meet-and-greet opportunities with creators.

  • Investor Signal: With VC backing, UlluCoin is more than a gimmick. It shows that consumer-facing Web3 tokens are attracting serious capital in a competitive content landscape.

The Bigger Picture

This experiment matters because it goes beyond speculation: it’s about utility-driven tokens that touch people’s daily habits — watching shows, supporting creators, and building fandoms. If successful, UlluCoin could provide a template for how streaming services and content networks worldwide can move from passive subscriptions to active, tokenized communities.

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