In the game of stablecoin payments, Rain and RedotPay have already captured 90% of on-chain transaction volume, and the remaining players need to figure out how to take that 10%.

Delphi Digital says that stablecoin payment infrastructure has become a trend, but not all crypto companies can win. The space is divided into five types of business models; the ultimate survivors either control the underlying infrastructure, control distribution channels, or focus on markets where traditional banks are not well covered. Rain and RedotPay are typical examples: Rain has Visa primary membership and issues concurrent cards, while RedotPay focuses on dollar demand in emerging markets. Together, they account for about 90% of observed on-chain transaction volume. The future is not about replacing traditional card organizations, but about major incumbents bringing stablecoin rails into the fold, while only a few crypto companies control mainstream transaction volume.