After the Genius Act, payment systems have completely changed; I can say this as someone who closely follows it. Yield stablecoins were rejected by the banking sector, but payment stablecoins gained popularity in the opposite way. This change has redefined the relationship between crypto and fintech.

It is now understood that: we are moving from past profits, to current payments, and towards artificial intelligence in the future. Meta has turned to stablecoins, Google has established an alliance with over 60 companies for AP2, and Stripe sees stablecoins and agents as the technology of the future. However, PayPal has already issued PYUSD, and Coinbase has proposed the x402 protocol. The interesting part is this: a new war has started, but what is its source and who is behind it?

The fintech sector's concerns are much more serious than those of crypto. The reason is clear: the combination of public chain + stablecoin creates a complete system within itself, and DeFi is the implementation of this system. Stripe has rapidly risen with a valuation of $159 billion, but is this valuation truly justified? If you follow Peter Thiel’s investments, he is acquiring Wise, looking at NeoBrokers like Trade Republic, and observing Revolut’s $75 billion valuation. The valuation logic of fintech has changed.

For over 20 years, the fintech sector has failed to create an independent payment channel outside of banking. Only solutions that can protect or convert user funds have real value. Wise’s transfers, Stripe’s payment collection services, these have no real future. Because money transactions cannot be bypassed through the banking system. But blockchain can do this.

Do you remember Alipay’s widespread adoption in 2013? Back then, the US banking sector had lifted the flag of protecting small banks. What was the result? Domestic fintech companies like PayPal suffered losses. Crypto is different, truly different. Under banking pressure, Circle appears more American and compliant, while Tether seems like a hidden transition fish. But in the long run, USDC and USDT are not competitors.

USTC surrounds the third world, wrapping Europe and America, while USDC is gaining strength on-chain. USDC advances with DeFi and B2B logic. USDT, on the other hand, comes from CEX and P2P. Although it seems strange, USDC is more widely used in DeFi, surpassing USDT in DEX and Lending. But USDT is resilient enough; the $80 billion USDT on Tron meets individual transfer needs worldwide.

The dollarization of currencies in Argentina and Nigeria essentially means a conversion to USDT. According to Artemis and McKinsey’s research, the global stablecoin transaction volume is around $390 billion, which is 0.02% of the global payment volume. B2B payments amount to $226 billion, and cross-border transfers are $90 billion. These numbers may seem small, but the adoption trend is very important.

Tether’s recent moves are interesting. Launching USAT with Lutnick is just a strategic move; the $200 million investment in Whop is more realistic. Buying the channel costs of 18 million users aims to encircle the first world with remittances from the third world. Money transfer companies from Latin America to the US, South Asia to the Middle East, Africa to Europe will support USDT more widely. Stripe and Huma default to USDC.

The core color of the crypto world is P2P. Circle works consciously with institutions and banks. There is a misunderstanding about the payment direction: pure transfers, clearing, and collection channels don’t have much value. Transaction volume is always a clear number. Payment is not just a SaaS or a function, but an AI-powered payment infrastructure like Cloudflare. The distribution network cannot be valued by amount.

This is the story crypto wants to tell the world: to take stablecoins beyond the payment stage and ensure that money remains entirely on-chain. Profits have ended their role as customer acquisition tools. With banking resistance, offline areas will be affected, and online areas will fade. USDT and USDC will rely on government bond yields, the banking sector will profit, and they will continue to use the cheapest cash assets.

I hope that by following the steps of fintech, crypto will create a different future. Four power sources are creating a new war in the payment field: companies like Stripe are seeking new stories for IPO, Meta and Google see negotiation advantages as channel partners, the banking sector wants to protect channel fees, and Tether dreams of surrounding Circle with large investments. Stablecoin has become a default agent payment tool. But no one has asked whether the agent is really necessary.