This is also why stablecoin payment infrastructure is not simply a Web3 business. It must simultaneously understand crypto, card networks, banks, payment processing, compliance, and local financial systems. Here, it is important to clarify one point: this map is not meant to assign a fixed label to each company. The same company may span multiple layers. For example, Gnosis Pay can be understood by users as both a front-end card product and a more underlying on-chain payment and card issuance infrastructure. After Bridge was acquired by Stripe, it became more like stablecoin payment orchestration and settlement infrastructure. Reap has both enterprise payment and card issuance capabilities, as well as extensions into stablecoin treasury and cross-border payments.