10) This is where the stablecoin conversation becomes bigger than payments. If more assets, obligations and contracts move onchain, institutions will still need: liquidity to enter and exit positions, FX between currencies, local settlement, treasury infrastructure, and risk management around future exposures.

9) Better hedging infrastructure does not make an emerging market risk-free. It does not remove credit risk, political risk, business risk or execution risk. It addresses something narrower: the possibility that a currency move overwhelms the economics of an otherwise sound business, payment flow, project or investment. If that exposure can be isolated, priced and hedged, institutions can make clearer decisions about the underlying opportunity. That can matter for trade, payments, corporate expansion, treasury management and ultimately capital allocation.