According to a Forbes article, stablecoins have yet to truly replace traditional payment systems—not because of transfer technology, but due to foundational issues like localized compliance, licensing, risk control, banking partnerships, and payment network access. The article points out that although stablecoin transaction volume exceeded $10 trillion over the past year, much of the activity remains concentrated in crypto trading, arbitrage, and protocol-level settlements, rather than being widely adopted in everyday business payment scenarios. As the stablecoin market surpasses $320 billion, its role is shifting from being a 'competitor to traditional payment networks' to becoming a 'high-efficiency settlement layer embedded within existing card organizations and payment networks.' The article suggests that the challenge of the last decade was how to make money move faster, while the challenge of this decade is how to achieve compliant, secure, and scalable payment applications in a fragmented global regulatory environment. https://(wublock123.com)/news/forbes-opinion-stablecoin-competition-shifts-to-compliance-local-infrastructure-62438