The cross-border payment sector is experiencing unprecedented competition. As numerous players fight for market share, the future direction must focus on three dimensions: compliance with fiat currency regulations, building network effects, and integrating Web3 technology. Stablecoins, while important payment tools, cannot fully replace traditional fiat systems; they must be tightly coupled with the issuance and settlement capabilities of local fiat currencies.
For Chinese payment service providers (PSPs), past success formulas may become obstacles. The industry needs to break free from path dependency, proactively explore emerging markets, and build cross-border capital networks to capture new growth. Meanwhile, Web3 payments should not operate in isolation from traditional finance; they should connect with banks and clearing houses to boost overall efficiency.
Looking ahead, the real opportunity lies in deeply merging local fiat currencies and stablecoins—that is, using stablecoins as the medium for value transfer under a compliant framework while retaining the finality of fiat settlement. This creates an end-to-end operational capability covering fund entry/exit, currency conversion, clearing, and settlement.
