As the stable currency moves into the mainstream payment system, the focus of competition in the payment sector is changing. Market focus is no longer just whether block chains can be paid for, but who has access to consumer wallets, commercial processing networks and back-office clearance channels.
Swift expanded the settlement network
Swift this week indicated that, following the completion of the pilot with 17 global banks, it was expanding its block-chain-based clearing network to more than 40 financial institutions. As a cross-border payment communication network connecting more than 1.15 million financial institutions, Swift indicates that traditional financial institutions are accelerating their deployment of a monetized payment infrastructure.
According to several industry executives, such actions suggest that large payment and banking systems no longer view block chains as marginal technologies but begin to integrate them into the core payment architecture. This has led to a gradual shift in the currency stabilization from encryption market tools to a broader settlement layer role.
Stripe's gonna take PayPal.
At almost the same time, Stripe offered to launch $53 billion in unsolicited acquisitions against PayPal. If the deal is reached, Stripe will combine the existing commercial payment network with PayPal's large consumer wallet system, reducing reliance on intermediate networks such as Visa and Mastercard.
Reuter quoted sources who claimed that PayPal ' s board considered that the offer undervalued the company and that the transaction faced regulatory and financing challenges. Even so, the proposal was seen as an important signal of the payment industry ' s competition for distribution capacity.
In terms of business structure, Stripe already has a business account, a payment processing capacity and a stable currency-related layout. PayPal has over 439 million active accounts and processed $1.79 trillion in payments in 2025, while also operating a dollar-stable currency based on Paxos. According to several interviewees, what Stripe really wanted to replace was the entrance to the consumer's wallet.
Competition to default entry
It was widely felt by senior managers and analysts interviewed that the stabilization currency competition was moving from “who is better” to “who can be the default entry point”. In the study, Citi Analysts argue that future size advantages are more likely to flow to the party that dominates the largest business network, consumer wallets or automated trading scenes, rather than just stabilizers themselves.
Some practitioners also noted that the competition involved not only payments per se but also reserve proceeds, cross-border settlements and user relationship controls. Those who have access to both wallets and business access and settlement channels have greater opportunities to dominate the next generation of digital payment infrastructure.
At the same time, the prevalence of stable currency in retail payments remains limited, with many payments remaining dependent on the traditional banking system, with the exception of transactions and some cross-border transfers. Global regulators are also moving forward with digital asset payment rules. However, in two exercises this week, the traditional payment giants have begun to pre-calculate the infrastructure around a stable currency era.