The hype says SWIFT's ISO 20022 migration will send "ISO 20022 coins" to the moon. It's backwards. The November 2026 deadline barely touches on-chain transfers; it bites at the fiat edges, where exchanges and issuers meet the banks. The quiet effect: compliant, freezable coins like USDC and USDT get a regulatory moat, Chainlink lets SWIFT absorb the blockchain rails rather than be disrupted, and Tether's USDT0 bets on its own cross-border rail. The real Trojan horse isn't a coin — it's the freez...