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Stablecoins move money across borders in seconds, and the business works. Off-ramp costs, AML and the GENIUS Act deadlines are now closing the arbitrage window.

Kalshi's dispute with Utah shows why federal regulatory support is not an operating plan—and why fintech companies need clear decisions on geographic access, governance and counterparty risk.

KYA verifies identity, not mandate. That distance is the Mandate Gap, and it is where the money will be lost.