The impact of stablecoins on traditional payments is beginning to be reflected in stock prices. PayPal plummeted 19% last night and its CEO was replaced, It can be considered as the darkest moment for this giant. The most direct reason is the poor financial report. EPS miss， Revenue miss, 2026 guidance directly suggests potential negative growth. Wall Street originally expected an 8% growth, but management said it may regress. The board of directors is in a hurry, just change the commander directly. But what I want to say is not the financial report itself. Looking at it for six months, PayPal's market value has been heading towards a halving trend. In my personal opinion, the impact of stablecoins on traditional payments has already been borne out by capital. PayPal saw the opportunity for stablecoins two years ago and launched PYUSD in 2023, becoming the first traditional payment giant to launch stablecoins. It looks good done. The market value of PYUSD increased from 1.28 billion to 3.8 billion in three months, with a growth rate of 216%. Expand to 13 chains and introduce 3.7% annualized revenue to attract users. But PYUSD accounts for less than 1% of the entire stablecoin market. USDT accounts for 66% and USDC accounts for 28%. More importantly, PayPal's stablecoin business is growing while its main business is collapsing. This is the dilemma of PayPal. It is not only a leading representative of traditional payment intermediary models, but also wants to rely on stablecoins to save itself. But the logic of stablecoins is precisely to bypass payment intermediaries. The transfer volume of stablecoins has exceeded the total of Visa and Mastercard. So PayPal's main business is being eroded by the track it is betting on. This drop is not just a financial report, traditional finance is increasingly collapsing and collapsing.