Onchain FX is one of the most overlooked markets in crypto. While many are still focused on spot swaps, they only represent a minority of actual FX volume. The foundation of global FX is the short-dated swap market: institutions borrowing one currency against another for a defined period. This is where the money actually flows. Traditional FX infrastructure is built on a web of correspondent banking relationships. Each transfer can touch multiple systems: originating bank, receiving bank, intermediaries on both ends, brokers, and messaging layers. Stablecoins fit directly into this architecture because they replace messaging based claims with atomic settlement, no idle capital, and no bilateral dependencies. Onchain rails could collapse the entire stack. 2026 could potentially be the year we see FX coming onchain.(Delphi Digital)