Arnab Chatterjee

'Tis more to guide than spur the muse's steed...

Write about on chain payments.

[Arnab Chatterjee @Chatterjee_arn]

Early stablecoin adoption clusters in markets where regulation is absent, nascent, or deliberately permissive. This is not coincidence. It is the rational response to compliance cost. Where frameworks do not exist, deployment is faster, onboarding is cheaper, and the friction that slows adoption in regulated markets disappears.

That condition is temporary.
The GENIUS Act establishes a federal framework for payment stablecoins in the United States. MiCA is live across Europe. VARA operates in Dubai. Central banks across Southeast Asia and Latin America are actively developing digital asset regimes. The permissive conditions enabling early adoption are closing, jurisdiction by jurisdiction, on a timeline measured in months not years.

This creates a risk that the industry is not discussing clearly enough.

Consumer behaviour formed in a permissive environment does not automatically transfer to a regulated one. Traditional financial services has demonstrated this repeatedly. When informal financial products become subject to formal licensing requirements, onboarding changes, cost structures change, and the product that consumers trusted frequently no longer resembles what they signed up for. Adoption curves reset.

Stablecoin products optimised for permissive conditions face the same exposure. A product built around frictionless access, minimal KYC, and low compliance overhead will require fundamental restructuring when a formal framework arrives. The user base built in the permissive window may not follow.

Builders who design for the regulated endpoint from the start carry the compliance cost upfront. Their products are slower to launch and more expensive to build. They are also the ones still operating when the regulatory window closes in their target markets.

Regulatory arbitrage is a viable launch condition. It has never been a viable long term strategy. The builders treating it as one are accumulating a debt that compound interest will eventually call.

[Arnab Chatterjee @Chatterjee_arn]

The stablecoin rail problem is largely solved. Moving value between two wallets is fast, cheap, and technically reliable. The unsolved problem is at the edges.

Converting local fiat into stablecoins, and stablecoins back into local fiat, through locally regulated financial institutions, at the point of consumer interaction. This is the on/off-ramp problem. It is harder than the rail problem and receives a fraction of the attention.
The evidence is in how differently this plays out by market.

Brazil has Pix, a central bank-operated instant payment rail with near-universal adoption. Stablecoin on/off-ramps plugging into Pix inherit that distribution immediately. The Philippines has GCash and a network of rural banks already handling remittance flows. India has built perhaps the most sophisticated public payment infrastructure in the world: UPI processes over 18 billion transactions monthly, the UPI-One World wallet extends access to foreign nationals, and RBI's account aggregator framework enables consented data sharing across financial institutions. Each of these creates a genuine foundation for stablecoin on/off-ramp infrastructure.

Nigeria presents the opposite picture. The central bank has historically oscillated between hostility and cautious tolerance toward crypto on/off-ramps. Liquidity is fragmented across informal peer-to-peer networks. Banking relationships for crypto businesses remain difficult to establish and easy to lose.
Same stablecoin rail. Entirely different on/off-ramp reality.

This is the constraint that geographic expansion strategies consistently underestimate. The blockchain infrastructure travels instantly. The local financial integration does not. Building a functional on/off-ramp in a new corridor requires local banking relationships, regulatory authorisation, liquidity partnerships, and consumer trust infrastructure that takes years to establish.

The corridors where stablecoin adoption would have the highest economic impact are precisely the ones where on/off-ramp infrastructure is thinnest. That gap is the actual work.

[Arnab Chatterjee @Chatterjee_arn]

Circle's Q1 results confirmed what the product roadmap has been signalling for months. This is no longer a stablecoin issuance business earning yield on reserves. It is an infrastructure company systematically moving up the stack.

The evidence is in the product sequence.

USDC established the base layer. CCTP solved cross-chain liquidity. CPN built the institutional settlement network. CPN Managed Payments abstracted the entire USDC lifecycle away from the partner, handling minting, burning, compliance, and blockchain infrastructure so institutions interact exclusively in fiat. Agent Stack extended the same logic into autonomous payment flows, enabling AI agents to transact in USDC without managing gas, wallets, or chain selection directly.

Each product removes one more reason for a builder or institution to touch the underlying infrastructure themselves.

This is a recognisable platform strategy. Abstract complexity at each layer. Expand the managed surface area. Move progressively closer to the application layer until the platform and the application are difficult to distinguish.

CPN Managed Payments and Agent Stack are the clearest expressions of this. A PSP integrating CPN Managed Payments needs no blockchain team, no digital asset compliance function, no treasury operation capable of managing stablecoin exposure. An AI developer integrating Agent Stack needs no wallet infrastructure, no gas management, no chain selection logic. Circle handles the infrastructure in both cases. The partner receives the economic benefit without the overhead.

Every layer Circle abstracts is a layer that no longer represents independent product opportunity. The closer Circle moves to the application layer, the narrower the surface area available to companies building on top of its rails.

The question worth asking is not what Circle's infrastructure enables. It is what Circle's infrastructure is converging toward. The answer defines where the defensible product opportunities in this stack actually sit.

[Arnab Chatterjee @Chatterjee_arn]

Emerging economies aren't waiting for Western crypto infrastructure to trickle down. They're building the stack themselves.

Brazil's Pix-USDC integration is the clearest proof. The world's most active real-time payment system, natively supporting dollar-stable value. Built by a central bank. Accessible to anyone with a phone.
But Brazil isn't alone.

The Philippines is moving toward a peso-pegged stablecoin built specifically for OFW remittance corridors. A country where remittances represent roughly 9% of GDP isn't experimenting. It's solving an existential infrastructure problem.

India's UPI processes over 17 billion transactions a month. The regulatory conversation has shifted from "should digital assets exist" to "how do we integrate compliant stablecoins into the rails we already have."

Nigeria processed an estimated $26 billion in stablecoin volume in 2024, mostly for import and export financing, despite official policy working against it.

The pattern is consistent. Countries with high remittance dependency, currency volatility, and mobile-first populations aren't adopting stablecoins out of crypto ideology. They're adopting them because the cost of the alternative is visible, measurable, and politically unacceptable.

In developed markets, stablecoin consumer adoption remains uneven. Where existing payment systems already work well, there's limited pull. That's the point. Friction drives adoption. And the friction in Lagos, Manila, and Mumbai isn't a product management problem. It's a percentage of household income.

The next 100 million stablecoin payment users won't be onboarded through a crypto wallet app. They'll be onboarded through the payment infrastructure their governments are building right now.

Brazil just showed everyone how fast that can happen.

[Arnab Chatterjee @Chatterjee_arn]

Card networks don't build technology they believe in. They build technology they're afraid of.

Visa processed $13.2 trillion in payments in fiscal 2024. Mastercard processed $9.3 trillion. That volume is the asset. The network effect, the merchant relationships, the issuer agreements. All of it sits on top of transaction flow. Lose the flow, lose everything.

Stablecoins don't need Visa to move money. That's the problem.

So the networks are doing what incumbents always do when a cheaper alternative starts gaining credibility. They insert themselves into the infrastructure layer. Not to compete on cost. They can't. But to stay in the flow.

Visa's stablecoin settlement product lets issuers settle in USDC. Mastercard's Multi-Token Network handles tokenized asset movement. Both are positioned as enterprise services, compliance wrappers, connectivity layers. The pitch is simple: you need us to bridge between the old system and the new one.

That pitch has a shelf life.

The bridge is valuable while two systems coexist. The moment enterprises are comfortable operating natively on chain, treasury, payroll, vendor payments, the bridge becomes overhead. The compliance and connectivity value proposition erodes as regulation clarifies and native stablecoin tooling matures.

What the networks are really buying is time. Time to stay embedded in enterprise workflows while the transition happens slowly enough for their revenue model to adapt.

The bet is that the transition never fully completes. That there's always a legacy tail large enough to sustain the network.

That bet gets harder every quarter.

[Arnab Chatterjee @Chatterjee_arn]

Every stablecoin payments network live today is a push system.

You initiate. You sign. You send. The transaction executes on your instruction, in the moment you authorize it.

That is not how most commercial payments actually work.

Rent is pulled. SaaS subscriptions are pulled. Insurance premiums, loan repayments, B2B invoicing on net terms - all pulled. The payer grants a mandate, and the payee collects when the obligation falls due. The entire infrastructure of recurring commerce runs on pre-authorized debit, not real-time push.

Stablecoins have no equivalent of this.
No mandate layer. No on-chain recurring authorization a merchant can invoke without the payer returning to sign each cycle. No dunning logic, no retry sequencing, no intelligent fallback. No way to express "collect $2,400 on the first of each month, retry twice on failure" as a durable, permissioned, counterparty-held instruction.

This is not primarily a technical problem. Account abstraction and smart contract automation can approximate the mechanics. The constraint is structural: blockchain's core property, user-controlled keys, consent at execution, is in direct tension with the commercial requirement of a mandate. Crypto's strongest guarantee is also its biggest obstacle to recurring billing.

The regulatory gap compounds it. ACH and SEPA Direct Debit define liability, dispute rights, and reversal windows. A merchant who pulls incorrectly bears the consequence. No equivalent framework exists in any deployed stablecoin network. Until it does, no institutional finance team routes subscription billing or loan repayments through an onchain rail.

Every major stablecoin infrastructure build is solving the push problem. Faster settlement, lower FX cost, real-time finality. Real improvements.

But the CFO running a subscription business does not need faster push. They need reliable pull.

That infrastructure does not exist yet. This is what we are building at Ribbit.

[Arnab Chatterjee @Chatterjee_arn]

In 2025, stablecoins processed $33 trillion in settlement volume, more than Visa and Mastercard combined. Most people in finance haven't registered that yet. They are still having the debate about whether stablecoins are ready for enterprise. The infrastructure settled that question while the debate was still running.

The more instructive number is $390 billion. That is actual stablecoin payment volume in 2025, more than double 2024 levels. 60% of it is B2B, growing at 733% year over year. This is not speculative activity. It is treasury teams and finance departments moving supplier payments, contractor payouts, and cross-border settlements onto rails that are faster and cheaper than what they were using before. They didn't announce it. They just switched.

The switching is happening where the pain is sharpest. The World Bank puts the average cost of a cross-border transfer at 6.2 to 6.3%, more than double the G20's own target. In Latin America, 71% of stablecoin activity is already cross-border payments. Across Africa, stablecoin adoption grew 45% year over year as businesses starved of dollar liquidity found a rail that worked. Southeast Asian remittance corridors are moving the same way. The pattern is consistent: acute friction, then migration, then volume.

Total cross-border payment flows are projected to reach $250 trillion by 2027. The rails that processed $33 trillion in 2025 were built to carry multiples of that. What hasn't been built is the connectivity layer between that settlement capability and the rest of the market.
Until recently, three things blocked it: regulatory clarity, balance sheet treatment, and integration complexity.

All three have been resolved. The friction is gone. The market is next.

[Arnab Chatterjee @Chatterjee_arn]

Cloud computing scaled when enterprises stopped running servers and started consuming compute as a service. The ownership burden disappeared. Volume followed.

Stablecoin settlement is tracking the same pattern.
For two years, the institutional objection to stablecoin rails was not the technology. It was the balance sheet. Banks and PSPs understood the efficiency case. They stopped at custody, licensing, and the auditor conversation. The managed services model resolves that directly. The institution interacts in fiat, the infrastructure provider holds the compliance and operational exposure, and the adoption decision collapses from a multi-team build to a single integration.

The volume implication is measurable. USDC has processed over $70 trillion in cumulative on-chain settlement, with quarterly on-chain volume approaching $12 trillion at end of 2025, built largely through developer and fintech-led adoption. The next growth tier is institutional: banks, PSPs, and global enterprises that evaluated stablecoin rails and stopped at the balance sheet question. Managed services is the mechanism that unlocks that tier.

Circle's CPN Managed Payments is the clearest live example. The platform manages the full digital asset stack on behalf of the institution: issuance, settlement, regulatory coverage, and chain-level operations. Partner institutions operate entirely in fiat. The adoption motion is not "adopt a new asset class." It is "consume a settlement service."

That distinction is what drives volume at institutional scale. The infrastructure layer that removes ownership friction is not a product feature. It is the adoption condition.

[Arnab Chatterjee @Chatterjee_arn]

Visa. Mastercard. Stripe. PayPal. Shopify.

These are not crypto startups. They are the rails the global economy runs on. Combined, they process trillions of dollars annually across hundreds of millions of users and merchants.

Every single one of them is moving to stablecoins.
Not as a pilot. Not as a press release. As infrastructure.

Visa has integrated stablecoins directly into its settlement layer. Issuers can now settle obligations in USDC rather than via ACH or wire. 24/7 settlement. No weekend liquidity gaps. By late 2025, Visa was processing $3.5 billion in annualized stablecoin settlement volume.

Mastercard linked stablecoin-funded wallets to its card network. PayPal launched its own stablecoin. Stripe built stablecoin financial accounts for businesses across 100 countries and acquired Bridge, the stablecoin infrastructure platform, for $1.1 billion. Shopify enabled USDC payments for merchants with no foreign transaction fees.

Six in ten Fortune 500 executives are now developing blockchain initiatives. This is not ideology. It is procurement.

But settlement speed and FX efficiency are only the first layer.

The more significant opportunity sits in what happens to money between the moment it is earned and the moment it is spent. In the legacy system, that float earns nothing. It sits in a payroll account, a platform wallet, or a bank balance with zero yield attached.

Yield-to-Pay changes that equation. Stablecoin rails allow idle balances to be routed into yield-bearing positions automatically, at the infrastructure layer, before payout. The worker earns on the float. The merchant earns on the float. The platform earns on the float. No action required from any of them.
This is not a feature. It is a structural shift in how payment infrastructure creates value. Every dollar in transit becomes a productive asset rather than a dormant one.

The reason every major platform is moving is the same in every case. Legacy rails were built for domestic transactions, business-day settlement windows, and single-currency payroll. Stablecoin rails solve the problem that actually exists. Instant settlement. No FX leakage. Yield on every dollar in motion.

When Visa moves, it is not a signal that crypto is going mainstream.

It is a signal that the old infrastructure lost the cost argument. And the yield argument. And the speed argument.

[Arnab Chatterjee @Chatterjee_arn]

800 billion dollars in migrant remittances. 60 million gig workers globally. Freelance platforms paying across every currency corridor that exists.

These are not edge cases. They are the largest underserved payment flows in the world.

And every single one of them runs on infrastructure that was built for someone else.

The legacy system was designed for employees with salaries, domestic bank accounts, and stable monthly income. That describes fewer and fewer of the people who actually need to get paid.

Consider what it does to everyone else.
A migrant worker sends money home. By the time it arrives, 5 to 8 percent is gone. No explanation. No transparency. Just a smaller number on the other end.
A freelancer completes a project. Payment enters an ACH pipeline. Three days later, the money appears. The work was done on Monday. The rent was due on Wednesday.
A gig worker earns across borders. Every payout triggers a conversion. Every conversion has a spread. The spread compounds across 52 weeks of income.

None of this is accidental. It is what legacy rails do by default.
Stablecoins solve all three simultaneously.

Instant settlement. The gap between work completed and money received closes to near zero. No pipeline. No batch processing window.

No FX leakage. Dollar-denominated settlement means the conversion layer disappears for cross-border recipients. What was earned is what arrives.

Yield on idle balances. For the first time, irregular-income workers get access to a savings layer that operates automatically. No employer match required. No action required.

The infrastructure to fix this is already built.
The math on the current system has always favored the rails. It no longer has to.

[Arnab Chatterjee @Chatterjee_arn]

@singhabhinav There is a lot of policy-driven forced adoption in these countries. There's no waiting for pilots and merchant opt-ins.

Consumers and merchants don't adopt stablecoins. They wake up and stablecoins are just part of the standard.

[Arnab Chatterjee @Chatterjee_arn]

The infrastructure gap is becoming the infrastructure advantage.

There's a pattern worth paying attention to in how emerging economies are building stablecoin infrastructure, and it's almost the inverse of how Western markets operate.

Roughly 66% of the world's $290 billion stablecoin supply is held by individuals in emerging markets. That's not speculative demand. That's people solving real, daily problems: currency instability, expensive cross-border transfers, limited access to USD savings.
What's changing now is where the infrastructure response is coming from.

In developed markets, stablecoin integration tends to move through layers of institutional negotiation. Banks, regulators, payment networks deliberating over pilot programs. In emerging markets, the playbook looks different. Governments and central banks are embedding stablecoin rails directly into existing national payment infrastructure, not building parallel systems, but upgrading the ones people already use.

The Philippines built USDC acceptance into its national QR code standard. 700,000 merchants didn't opt in. It's just the standard now.

Brazil expanded Pix, the world's most-used real-time payment system at 4 billion transactions a month, to support USDC directly. Brazil is regulating and integrating the industry in one move rather than treating them as separate problems. The result in both cases is the same: forced distribution at scale. Consumers and merchants don't adopt stablecoins. They wake up and stablecoins are just part of the standard.

Relative to GDP, Africa, the Middle East, and Latin America stand out for stablecoin activity, precisely because the use case is more acute. When your local currency loses 30% of its value in a year, USD-denominated settlement isn't a feature. It's a necessity.
The infrastructure buildout in wealthy markets is deliberate and slow. In emerging markets, it's urgent, and urgency, it turns out, is a faster forcing function than innovation.

The countries with the problem are building the solution. And they're not waiting for permission.

[Arnab Chatterjee @Chatterjee_arn]

SWIFT just told the market where to build.

Not in a press release. In a procurement decision.
They chose Hyperledger Besu. EVM-compatible. Enterprise-grade. Already understood by developers who know the Ethereum stack. That choice will outlast the headlines: the enterprise blockchain standard is converging, and it looks like the EVM.

Here's what that does to the infrastructure stack.

The orchestration layer is the new frontier. SWIFT's thesis is that cross-border payments fail on coordination, not computation. Every vertical with the same problem (trade finance, securities settlement, syndicated lending) now has a live proof of concept. Builders who abstract that pattern into reusable tooling win the next decade of enterprise infra.

The compliance layer is the unsolved prerequisite. Forty banks on a shared ledger immediately need credentialed identity, on-chain sanctions screening, and AML that regulators will accept. No one has cleanly solved this. Whatever project cracks compliant identity at the protocol level just had its addressable market validated by the most conservative institution in global finance.

The bridge layer just got institutional demand. SWIFT was explicit: interoperable with everything that already exists. That means a single payment potentially touching SWIFT rails, stablecoin rails, and CBDC rails in one flow. The protocol that makes that routing invisible is not built yet. It is now a funded problem.

The tooling layer is greenfield. Crypto-native ops tooling was built for protocols that tolerate ambiguity. Eleven thousand banks cannot. Monitoring, audit trails, incident response built to satisfy a regulator: nobody has shipped that for a shared permissioned ledger at this scale.

SWIFT didn't validate blockchain as a concept. They validated the specific layers that still need building.

[Arnab Chatterjee @Chatterjee_arn]

Five forces are converging on payments infrastructure right now. Each one alone would be a market. Together, they're a category moment.

$250B+ in stablecoins exist today. That number was $20B three years ago. The asset is liquid, widely held, and sitting in corporate treasuries looking for somewhere useful to go. Supply without rails is just parked capital.

Every major regulatory framework landing in 2026 - GENIUS Act, MiCA, VARA - puts the compliance overhead on issuers. Circle and Tether carry the cost. What it hands everyone else: an enterprise market that can finally say yes. Regulation isn't a headwind. It's a demand unlock.

Legacy rails move money. Programmable money moves with conditions; pay when goods are confirmed, split across counterparties instantly, settle in seconds. SWIFT can't do this. ACH can't do this. That's not a marginal improvement. That's a different product.

$800B moves in remittances every year, bleeding 5–7% to middlemen. India-US alone is $87B. These are the largest cross-border volumes on earth and they're underserved by every existing rail.

And then there's the one most people aren't pricing in: AI agents need to pay each other. They can't open bank accounts. They operate in milliseconds. Stablecoin infrastructure isn't just the future of human payments, it's the only viable settlement layer for machine-to-machine commerce.

Five tailwinds. Different timelines. Different drivers. None of them waiting for the others.

Infrastructure doesn't pick winners among stablecoins or corridors or agent stacks. It just moves value, faster and more programmably than anything before it.

That's what a perfect storm looks like from the inside.

[Arnab Chatterjee @Chatterjee_arn]

Every bill you've ever paid sat idle before it was due.

Your rent, your subscriptions, your insurance premium. The money to cover them was sitting in an account somewhere, earning nothing, waiting. For days. Sometimes weeks. That idle float is one of the most underleveraged assets in consumer finance.

Ribbit routes it to work.

Yield-to-pay is a payment primitive built around a simple observation: balances earmarked for upcoming bills don't need to sit still. They need to arrive on time. What happens between now and the due date is an open question. Ribbit has an answer.

Users deposit into Ribbit vaults. Balances allocated to recurring payments get routed into low-risk yield strategies automatically. When a bill comes due, the payment executes directly from that balance. The yield earned in the interim offsets the cost. In many cases, it covers it entirely.

This is not a savings product with a payments feature bolted on. It is a payment primitive with yield as the default state of waiting capital.

The implications compound. Every dollar sitting in the payment pipeline is now productive. Every recurring bill becomes a yield-generating event before it becomes an outflow. At scale, the aggregate float across a user base becomes a significant yield-generating asset, one that strengthens TVL while simultaneously funding payment volume.

Most fintech products ask users to choose between liquidity and yield. Ribbit removes the tradeoff. The money is available when it needs to be. It earns until then.

Idle capital is the default in payments. Ribbit made it the exception.

[Arnab Chatterjee @Chatterjee_arn]

Gold was the rail. The banks that held it captured the value.

TCP/IP was the rail. AWS captured the value.

The card network was the rail. The processors and infrastructure built on top captured the value.

The pattern is consistent enough to be a law.

Stablecoins are the most open payment rail ever built. No gatekeepers. No business hours. Settlement in seconds at fractions of a cent. Anyone can access it.

That openness is precisely why the rail won't capture the margin.
When access is free, value moves up the stack. It always does.

The margin in stablecoin payments won't live in the coin. It will live in everything a business needs to actually use the coin. Compliance logic that knows which corridors need what. Yield routing that puts idle float to work between settlement cycles. Billing infrastructure that abstracts the wallet away from the merchant entirely. Reconciliation that maps on-chain finality to off-chain accounting systems.

None of that exists at scale today.

When institutions start acquiring instead of building, they are not betting on the rail. Mastercard paid $1.8B for BVNK. Stripe paid $1B for Bridge. Neither was buying a coin. They were buying the stack built on top of it, paying premiums to own infrastructure they couldn't build fast enough.

That's the story.

The rail democratizes access. The stack captures the margin.
It has never worked any other way.

[Arnab Chatterjee @Chatterjee_arn]

The stablecoin rail is built. Nobody's driving it.

SWIFT moves $5 trillion a day. That's $1.8 quadrillion a year.
Stablecoins? $390 billion annually. Less than 0.03% of what SWIFT moves.

And yet the growth numbers are extraordinary. B2B stablecoin payments grew 733% year over year in 2025. Total payment volume doubled. The momentum is real.
But momentum at a tiny base is still a tiny base.

Today that $390 billion is mostly concentrated in B2B payments across Singapore, Hong Kong, and Japan. The corridors that need this the most barely register.

Merchants in emerging economies like Nigeria, India, and Brazil still pay 4 to 8% on every cross-border transaction and wait 3 to 7 days for settlement. In 2026.
The rail isn't the problem. USDC settles in seconds. Fees in basis points. Finality on-chain.

The problem is everything above the rail.

Who invoices in stablecoins? Who auto-converts at the right FX rate? Who handles VAT on a USDC payment? Who reconciles it into existing accounting systems? Who onboards the merchant who has never touched a wallet?

None of this is a blockchain problem. It's an infrastructure problem.

The corridors that need this the most, Latin America, Africa, South Asia, barely register. Not because the rail is slow. Not because the fees are high. Because the layer above the rail isn't built.

That gap isn't a technology gap. It's a missing stack.
The builders who win the next decade aren't building new chains. They're building the boring stuff. Invoicing. Reconciliation. Compliance middleware. The unsexy layer that turns a rail into a network.

SWIFT didn't win because wires were fast. It won because it built the plumbing that banks could trust.

That's the job now. Build the stack. Close the gap.

[Arnab Chatterjee @Chatterjee_arn]

Stablecoin infrastructure is being built backwards.

Merchants are the last to be served. In the markets with the highest demand, they are barely being served at all.

Latin America recorded $324 billion in stablecoin transaction volume in 2025, an 89% jump from the prior year. Over 90% of Brazil's crypto flows are stablecoin-related.

Nigeria processed over $92 billion in crypto transactions in the same period. This is not speculative activity.
It is merchants, freelancers, and small businesses using stablecoins because their currencies are unstable and their banks are unreliable.

The infrastructure investment is going elsewhere.
Enterprise treasury tools, card network settlement for Western acquirers, developer tooling for Web3 builders. These solve real problems. But the merchants driving the fastest adoption growth on earth are not the target customer for any major buildout currently underway.
Merchant-side stablecoin payouts remain stuck in pilot even in well-served markets.

In emerging markets the situation is more basic: the tooling does not exist. Recurring billing, multi-token settlement, unified online and in-store acceptance are all absent.

Adoption happened anyway, because necessity does not wait for infrastructure. Merchants built informal systems with whatever was available.

The gap is not a demand problem. Demand is growing faster in these markets than anywhere else on earth. It is a prioritisation choice by the companies with the capital to close it.
They are choosing not to.

[Arnab Chatterjee @Chatterjee_arn]

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