Stablecoins Are Booming, but Who's Actually Getting Paid?

Stablecoins are having a moment — and the money question is who's actually collecting. Andrey Lazorenko, CEO of the ADI Foundation, sat down with Cointelegraph's Ciaran Lyons to answer exactly that on the network's Chain Reaction show, according to a Cointelegraph post on X.

Cointelegraph teased the segment by framing the setup plainly: stablecoin adoption is booming, and Lazorenko was asked who benefits most from that right now. His answer topped a list, and the outlet pointed readers to Chain Reaction to hear it.

The teaser didn't name the winner, which is the hook. It's a simple question with a crowded field of possible answers — the issuers behind the tokens, the exchanges and payment rails that move them, the treasuries and traders who park cash in them, or the ordinary users in markets where a dollar in digital form beats what local banks offer.

What's not in dispute is the direction of travel. Stablecoins have moved from a crypto-native curiosity into a settlement layer that keeps showing up in mainstream payment conversations, and that shift is what makes the

who profits

framing land harder than a usual market debate.