Market observers say the next phase of stablecoin payments hinges less on any single brand and more on the underlying rails and distribution. Large platforms are moving toward commodified stablecoins offered by multiple providers, with the aim of enabling payments via users’ preferred methods. That has shifted emphasis away from the wallet to the broader payments infrastructure. Christian Catalini, the MIT professor who helped launch Libra, argues that the real moat in stablecoins now lies in distribution, not issuance alone.
He says the incumbents with direct relationships to users will capture the most value, and Meta’s reach exemplifies how platform scale can translate into payment value beyond any single coin. As stablecoins proliferate, the networks’ rails and the ability to serve end users will shape who wins in this commoditized ecosystem. The commoditization of assets and rails means incumbents such as card networks, fintechs, neobanks, and wallets stand to benefit from proximity to customers. Stripe’s strategic moves—Bridge’s acquisition and its Tempo blockchain—highlight the push toward interoperable payments infrastructure, even as open and neutral networks remain a practical challenge.
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