The Stablecoin Battle for Payment Infrastructure: The Real and Fake Revolution in the $304 billion Market

【Chain Wen】Stablecoins are booming. Not only on exchanges but also at the very foundation of the entire crypto ecosystem.

The numbers are in front of us: this year’s total stablecoin supply has surged by 33%, surpassing $304 billion. The adjusted monthly trading volume has long outpaced Visa and PayPal. The stablecoins holding US Treasuries have reached $133 billion, making them the 19th largest holder of US debt. This is no small feat.

But there is an irony here. What are crypto companies doing now? Still revolving around traditional payment channels. Circulating stablecoins through the Visa network, launching reloadable cards—these are indeed progress, but that’s all. No real breakthrough.

The real question is: can users be empowered to control their daily spending and asset storage? Without this, no matter how many competitors there are, they are just supporting roles.

Traditional fintech giants have already sensed the opportunity. A major payment company integrated the US dollar stablecoin USDB; PayPal launched PYUSD; Klarna also announced KlarnaUSD. When these established players start issuing their own stablecoins, the landscape changes.

Ultimately, the winners will not be those who merely patch up the existing payment framework. The true winners will be those who can fundamentally reconstruct the payment architecture from the ground up.