Cash That Moves, Cash That Earns: Onchain for Treasurers

Corporate adoption of on-chain treasury management is shifting from theoretical interest to practical implementation, as evidenced by ArcelorMittal’s focus on international intercompany transfers. While the underlying technology, including MPC-based custody and stablecoin settlement, is deemed mature, organizational hurdles remain the primary bottleneck for large-scale integration. Companies are increasingly utilizing a 'stablecoin sandwich' model, where fiat is converted to stablecoins for rapid cross-border transfer and immediately converted back to fiat upon arrival. This approach allows firms to bypass traditional correspondent banking delays while avoiding the regulatory and accounting complexities of holding stablecoins as cash equivalents. Security concerns are being addressed through sophisticated policy engines and multi-party computation, moving the focus from key theft to governance and transaction authorization. Experts suggest that banks will act as the primary catalysts for broader adoption by bundling custody, liquidity, and privacy services into unified offerings. Ultimately, the transition is moving from a question of technical feasibility to one of internal change management, compliance alignment, and regulatory clarity regarding accounting treatments.