The current 'Battle of the Payment Stack' is mainly divided into three routes:
1️⃣ Full-stack issuance model: Rain and Reap directly become main Visa members, integrating card issuance and settlement, bypassing the traditional banking system.
2️⃣ Orchestration layer model: Stripe + Bridge and Zero Hash bet on payment infrastructure unrelated to the chain.
3️⃣ Payment-specific chain: Bitfinex supported Stable launches a payment blockchain without additional Gas fees.
📍 Emerging markets (Africa, Latin America, South Asia) become the core growth engine for real stablecoin payments.
📊 Visa currently holds over 90% of on-chain card payment share, USDC is a key driver, while USDT has not yet been included in the system.
The next battle for stablecoins is moving from 'transfers' to 'consumption'.
1️⃣ Full-stack issuance model: Rain and Reap directly become main Visa members, integrating card issuance and settlement, bypassing the traditional banking system.
2️⃣ Orchestration layer model: Stripe + Bridge and Zero Hash bet on payment infrastructure unrelated to the chain.
3️⃣ Payment-specific chain: Bitfinex supported Stable launches a payment blockchain without additional Gas fees.
📍 Emerging markets (Africa, Latin America, South Asia) become the core growth engine for real stablecoin payments.
📊 Visa currently holds over 90% of on-chain card payment share, USDC is a key driver, while USDT has not yet been included in the system.
The next battle for stablecoins is moving from 'transfers' to 'consumption'.