The missing piece to stablecoin adoption

The following is by Mesh Head of Legal, Steve Aquino
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Stablecoins have officially arrived. Just this year, major U.S. banks announced plans to issue a joint stablecoin, Circle went public with a successful IPO, and lawmakers passed the GENIUS Act. The total stablecoin market cap just hit a record-high of $275B, and even China is starting to take notice.
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As stablecoins become more common and regulators take a closer look, one concept is likely to gain more traction: singleness of money. It's a principle at the heart of any efficient monetary system, and one that stablecoins could actually improve. As we discussed in accelerating finance with stablecoins, the market is already moving.
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In this article, I’ll explain the concept of singleness, why it matters, and how infrastructure is the missing piece to turning stablecoins into everyday money.

What is “singleness of money”?

Singleness of money means that all forms of a society’s money are treated equally, whether it's privately-issued (e.g. deposits) or publicly-issued (e.g. cash). One dollar should always equal one dollar, no matter the form, issuer, or network it lives on. This gives users confidence in the system. If you send someone $100, they should receive $100—not $96 after fees or value slippage.

Some regulators have expressed concern that stablecoins threaten this principle. But with strong oversight and smart infrastructure, stablecoins might actually bring us closer to singleness than the current system does.
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Here’s a quick example: Imagine you’re paying a friend back for shoes using your bank app, but their bank tells them your dollars are only worth 80 cents on the dollar. Sounds absurd, right? That’s what happens when singleness breaks down. A strong monetary system avoids this by ensuring all value is interchangeable at face value.

How stablecoins bring us closer to singleness

Some worry that having so many stablecoins across different issuers and blockchains fragments value. But if those coins are backed by high-quality assets and built on interoperable rails, they can actually uphold the singleness of money.
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Here’s how:

• Peer-to-peer by design: Stablecoins don’t require banks or intermediaries. They move directly between users, deepening liquidity and reducing costs.
• Open access: Anyone with an internet connection and a wallet can participate, enabling seamless movement across borders and platforms.
• Cash-like ownership: If you hold a stablecoin in your wallet, it’s yours—just like physical cash.
• Redeemable at par: The best stablecoins maintain their peg, meaning you can swap them for fiat or other assets without losing value.

Why infrastructure is the missing link

Even with these benefits, stablecoins alone don’t guarantee singleness. Since they live on different chains, come from different issuers, and are held in different wallets, stablecoins often operate in isolation from one another. To make stablecoins truly interchangeable, we need infrastructure that connects the dots between wallets, chains, platforms, and protocols.
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This is where orchestration layers like Mesh come in. Instead of forcing users to jump between apps and wallets, Mesh connects over 300 platforms into a single, unified network. With SmartFunding, users can move these funds directly from any connected account to a merchant—no copy-pasting addresses or unnecessary steps.
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So it doesn’t matter which wallet someone uses, which chain their stablecoin lives on, or which platform they’re transacting on—robust infrastructure can restore 1:1 value across the ecosystem. By reducing friction and boosting liquidity, this connective layer helps stablecoins clear at par, regardless of where they came from or where they’re going.

Final thoughts

Stablecoins have always held the promise to advance the singleness of money—to make all forms of digital cash truly interchangeable.

But that promise can only be fully realized when stablecoins are paired with infrastructure designed to eliminate fragmentation. By bridging wallets, exchanges, chains, and issuers, Mesh transforms a fragmented landscape into a unified, seamless experience. When stablecoins meet Mesh, the vision of singleness becomes a reality.
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