[Report: Monthly Adjusted Stablecoin Transaction Volume Surpasses Visa and PayPal] Delphi Digital released its 2026 Annual Infrastructure Outlook Report, which highlights that stablecoins have become the most critical infrastructure focus in the crypto space. This year, the total supply of stablecoins has grown by 33%, surpassing $304 billion. The adjusted monthly transaction volume has now exceeded that of Visa and PayPal. Stablecoin holdings in U.S. Treasury bonds have reached $133 billion, making them the 19th largest holder of U.S. Treasuries. The report notes, ironically, that crypto companies are now competing around traditional payment channels. While stablecoin-funded debit cards flowing through the Visa network are an important step, they have yet to create a new paradigm. Without solutions that enable autonomous control over daily spending and storage, many competitors will eventually be eliminated. Traditional giants have already noticed this trend. Stripe, after acquiring Bridge, integrated the US dollar stablecoin USDB; PayPal launched PYUSD; and Klarna recently announced the launch of KlarnaUSD. As fintech companies rush to issue stablecoins, the battle for market dominance has already begun. The true winners will be those who can completely revolutionize the underlying payment infrastructure, rather than merely optimizing the interface on top of it.