Delphi Digital releases a report titled "New Crypto Banking Framework" stating that stablecoin payment infrastructure has become an inevitable trend, but not all crypto companies will succeed in this space. The sector has diversified into five models, with the ultimate survivors either controlling infrastructure, controlling distribution channels, or focusing on markets underserved by traditional banking services.

Delphi points out that Rain and RedotPay have become early examples of two paths: Rain has Visa principal membership and provides card issuance infrastructure to other crypto applications; RedotPay focuses on emerging markets with stronger demand for US dollar access. Among the over 190 crypto card projects they track, Rain and RedotPay together account for about 90% of observed on-chain transaction volume. Delphi believes that in the future, it is more likely that traditional card organizations will not be completely replaced by crypto payment tracks, but rather that traditional giants will adopt stablecoin routes, with a few crypto companies controlling the main transaction volume.