Revolut processed roughly $10 billion in stablecoin payment volume last year. Nubank won conditional US banking approval in January with crypto custody included. The largest neobanks in the world are running two parallel payment rails, one through card networks and clearing cycles and one through stablecoin rails. Right now, the traditional stack still handles the majority of merchant payments. But stablecoin volume on these platforms is growing significantly faster than traditional payment volume. Which one wins the merchant side is the only question that matters for payments infrastructure over the next decade.(Delphi Digital)