Cross-Border Payment Competition Heats Up: Fiat Regulation, Web3 Integration, and Stablecoin Localization as Key Breakthroughs

The cross-border payment industry faces intense competition. Future growth depends on three factors: fiat regulatory compliance, network effects, and Web3 integration. Stablecoins cannot fully replace traditional fiat currencies and must work with local fiat capabilities. Chinese payment service providers (PSPs) should move away from path dependency, explore new markets, and build capital networks. Web3 payments must merge with traditional finance to improve efficiency. The key opportunity lies in deeply integrating local fiat currencies and stablecoins to create comprehensive operational capabilities.