Decode of Current Stablecoin Solutions. What seems like a solution often isn't.
Compliance Vendors (Notabene, TRUST, etc.)
Seems like: Travel Rule solved
Actually is: "Tick-box compliance" — integrations exist, data pipelines don't
Over 100 countries have adopted the Travel Rule. Notabene has one of the largest networks. TRUST has another. 21Analytics, SumSub—each has their own.The problem: They don't talk to each other. And even within the same systems, some data fields are blank.Why did this happen? Because regulators said, "You need a Travel Rule solution to get licensed." So everyone rushed to integrate, but only at the lowest tier.The result? Companies only send first-party transactions. You don't need Travel Rule if you're sending from yourself to yourself. The whole implementation becomes fictional.