Stablecoin liquidity crossed 320 billion this month while spot crypto shed twenty percent of cap through Q1. USDT printed an all-time high at 188 billion on April 21. USDC adds two billion in a month and sits near 78. Five issuers control 89 percent of the float. Dollar rails issued onchain by private balance sheets, settling final in seconds at fees the wire system cannot match, audited continuously by anyone with a block explorer. Central banks publish financial stability boxes about spillover the same quarter remittance corridors in Lagos, Buenos Aires, Manila clear at par against the three intermediaries that used to take five percent. None of this infrastructure existed at scale a decade ago.