Half a month ago, I already talked about why stablecoins are unlikely to replace credit cards. Without a credit system, stablecoin payments are destined to face significant challenges in the US and Europe. At most, they can serve as an underlying settlement tool for credit payments, but such tools contribute very little to market cap growth. For banks, however, they already have a complete credit system in place. They can issue credit-based stablecoins and provide users with a certain credit limit. This essentially becomes a credit card backed by stablecoins. Once this step is achieved, entering the payments space becomes much easier. But this credit-granting step is something Circle finds very hard to tackle. Of course, credit is not the only obstacle for stablecoins to enter the payments space. There are plenty of hurdles, especially when it comes to usage between institutions and enterprises. Whether it’s auditing, taxes, or compliance, using stablecoins for payments means not only do businesses need to change their processes, but even regulations might need to be rewritten.