Spendability Emerges as the Next Test for Digital Assets

For years, digital assets were something to buy and hold—a bet on the future rather than a way to pay for lunch. Cryptocurrencies and stablecoins are increasingly being judged less by what they might be worth tomorrow and more by what they can actually do today. Consumers, businesses and financial institutions (FIs) alike are beginning to treat these assets not as portfolio holdings, but as money they are waiting to spend.