I noticed that stablecoins are becoming almost invisible in the current hype. Meanwhile, Meta, Google, Apple, and others are moving pieces behind the scenes to integrate crypto payments into their platforms. What has radically changed since the Libra/Diem era is that it’s no longer about a single-brand stablecoin, but about multiple providers operating as commodity infrastructure.

Just this week, we saw AllUnity launching a Swiss franc token, SBI Holdings with yen, and Hong Kong preparing licenses for issuers. But the most interesting move comes from Meta, which is planning to reintroduce stablecoin payment capabilities later this year. However, this time, without the failed Libra hype.

What really matters now is not who issues the stablecoin, but who controls the relationship with the end user. Meta has 3.6 billion users across Facebook, WhatsApp, and Instagram. That’s massive distribution. And here comes Stripe, which is not only a longtime partner of Meta but also bought Bridge for $1.1 billion and developed its own blockchain, Tempo. The question is: will other major payment providers actually build on infrastructure from a competitor?

The current scenario threatens the lucrative interchange fees of networks like Visa and Mastercard, but these networks have an ace up their sleeve: they already have direct contact points with users. If they manage to commoditize assets and infrastructure, they can defend their business. Stripe also understands this and is positioned as a potential provider for Meta’s payment project.

What I see happening is a clear transition: from a model where value was in issuing and orchestrating stablecoins to a model where real power lies in who controls distribution. Fees and payment infrastructure are becoming commodities. The real battle now is for access to the end user. And in this game, Meta, with its billions of users, has a significant advantage over any new player that enters now. The maturation of the stablecoin market is happening in real time, and those who don’t understand that distribution is everything will fall behind.