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.
Many countries are actually adopting crypto as a legal means of payment the only reason visa is still more in use is because many firms are not accepting crypto payments yet and I mean your supermarkets and other physical business that uses faits. And for now there isn't much demand for crypto payments for offline vendors. And I think you haven't read the article yet to see what I'm really talking bout
I won't agree that crypto payments are increasing globally. The USA and the SEC policies and regulations are all against crypto (bitcoin in particular) and since they know that people are not getting back from the cryptocurrencies, so they have decided to build stablecoins which are no different than fiat money except they can be digitally transmitted.
The CBDC is one step in this case where every country will have its own stablecoins (which will be fully in control by the governments). Similarly, the big companies are also trying to introduce stable coins for example Paypal PYUSD. etc
These are all the steps forcing people to leave bitcoin and keep money in centralized control stable coins.