The research paper "Beyond Speculation: Payment Stablecoins for Real-time Gross Settlements," led by Circle Chief Economist Gordon Y. Liao, highlights a significant shift in the use of stablecoins from speculative trading in cryptocurrency markets to practical applications such as cross-border payments and remittances. Over the past five years, the use of stablecoins for speculative activities has decreased by 90%, indicating a transformation in their role in digital asset markets. Originally serving as blockchain-based cash for traders, stablecoins like USDC have evolved into general-purpose money tokenized on public blockchains, characterized by their full-reserve backing and primary use for payments rather than trading. The paper suggests that the integration of payment stablecoins into existing financial systems could enhance real-time settlement capabilities, making them more transparent and accessible, while also reducing risks associated with liquidity and concentration in current payment systems.