What Happens to Correspondent Banking If Every Country Has Its Own Stablecoin? Correspondent banking may become less visible as a result, but the functions it performs will not disappear. The question is whether they remain bundled within chains of banking relationships or are increasingly delivered through programmable digital infrastructure. Stablecoins Are Becoming a Payments Infrastructure QuestionThe stablecoin market remains overwhelmingly dominated by currencies linked to the US dollar. Currency exchange, liquidity provision and compliance could increasingly be coordinated through automated infrastructure rather than long chains of bilateral banking relationships.