The technology has long been ready; the bottleneck is licensing and banking relationships, which are the true moat.

According to Forbes, stablecoins have not yet truly replaced traditional payment systems, and the reason is not in transfer technology, but in infrastructure such as localized compliance, licensing, risk control, bank partnerships, and access to payment networks. The article points out that although stablecoin transaction volume exceeded $10 trillion in the past year, much of the activity remains concentrated in crypto trading, arbitrage, and protocol-to-protocol settlement, and has not widely entered enterprise daily payment scenarios. As the stablecoin market size surpasses $320 billion, its role is shifting from "competitor to traditional payment networks" to "an efficient settlement layer embedded within existing card organizations and payment networks." The article believes that the problem of the past decade was how to make fund circulation faster, while the challenge of this decade is how to achieve compliant, secure, and scalable payment applications in a fragmented global regulatory environment.