The Big Whale 🐳 (@TheBigWhale_): At our latest Corporate Breakfast in Paris, 80 registrants from 66 organisations, all clients of @TheBigWhale_, discussed stablecoins for treasury and…

At our latest Corporate Breakfast in Paris, 80 registrants from 66 organisations, all clients of @TheBigWhale_, discussed stablecoins for treasury and cross-border payments with @ArcelorMittal, @herclegroup, @utila_io and @zama. What we learned: https://www.thebigwhale.io/article/corporate-treasury-onchain-the-tech-is-ready-the-organisation-isnt 👉 The ROI comes first, not crypto. ArcelorMittal restarted its work on stablecoins on one condition set by its CFO: only use cases with a clear ROI. The one it kept is international intercompany transfers. 👉 The stablecoin sandwich works on the right corridors. On Europe–Nigeria, Hercle measures about 13 minutes end to end, against 2 to 3 days via SWIFT. For one client, avoiding a 50 bps FX premium means €250k saved on a €50M transfer. 👉 Security is no longer the main blocker. Governance is. "The question is no longer only who holds your keys, but who can make your keys sign" (Utila, on the $1.5B Bybit hack). 👉 Privacy is the missing piece. Zama keeps balances and amounts encrypted on Ethereum, and the application decides who can decrypt them. 👉 Move cash with stablecoins, don’t hold it in them. No accounting rule in Europe yet treats stablecoins as a cash equivalent. Tokenized money market funds already count as one. 👉 Banks will set the pace. One custody contract went through legal, the DPO, cyber and ESG. One bank stayed silent for seven months: "not ready yet." "On the technology, the solutions are there. The hard part is change management." - Fabricio Bezerra, Arcelormittal Treasury We’ll pick up all of these topics at the Geneva Summit on November 12–13! https://lnkd.in/dK5sk-sX