Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Similar thought as to why most cyrpto credit cards are bad/still using normal payment rails. And why Etherfi card is somewhat breaking this trend, "90% of stablecoin volume isn’t payments — it’s internal liquidity plumbing powered by trillions in hidden fiat on-ramps. Every “onchain” payment still begins and ends in banks, where KYC, FX, buffers, and funding flows decide the user experience. The real advantage goes to teams that control bare-metal fiat rails, not just smart contracts — because settlement is only as fast as the slowest bank in the chain."

Top comment by @Spencer420

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• Essential features for a safe and trusted payment stablecoin (brookings.edu)
• The Six Layers of Stablecoin Payment Infrastructure - Paxos | Blog (paxos.com)

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