What value stablecoins settle? Go to any supermarket in the world and you'll see people paying with Visa or Mastecard every single minute. But where are the stablecoin payments?  I never encountered a business, even a small one, that accepts stablecoins.

My guess is that most of the activity on stablecoin network is speculative trading, especially by bots. If someone shut down stablecoins tomorrow, the world wouldn't notice. If someone shut down Visa tomorrow, that would be Armageddon.