South Africa's stablecoin capture isn't a regulatory push — it's a government chasing adoption that already happened organically; the 17.2% stablecoin mobile transaction rate is a revealed preference for non-rand money that regulators now have to respond to.
India's BRICS CBDC bridge + India's blockchain-on-DPI initiative + Visa/Bridge's emerging market stablecoin rollout converge on the same macro bet: the next global monetary layer is being built parallel to Western banking rails, and emerging markets are the proving ground.