The incumbents are not watching neobanks from the sidelines. Visa's stablecoin settlement pilot is running at a $7B annualized rate across nine chains. Mastercard is expanding stablecoin settlement capabilities for partners. Both are extending control down into stablecoin rails. Crypto neobanks were supposed to flip the stack. Instead, the legacy networks are absorbing the backend first. The card layer they already dominate stays intact. The neobanks left standing win by owning distribution somewhere incumbents can't easily follow or by solving a regional pain point legacy banks have ignored.(Delphi Digital)