The focus of cryptocurrency payments is shifting from the issuance of branded stablecoins to leveraging user relationships and distribution networks, as major tech firms and financial institutions accelerate adoption. According to Christian Catalini, co-creator of the failed Libra (Diem) project and now an MIT professor, the "stablecoin sandwich"—the process of converting fiat to crypto and back for payments—is fading. Stablecoins are becoming a commoditized part of the payments infrastructure, with value accruing to entities that own the direct relationship with the end user.
Meta is planning to reintroduce stablecoin-based payment capabilities in the second half of 2026, a move distinct from its earlier Libra ambition. Meta's VP of communications, Andy Stone, stated the goal is "enabling people and businesses to make payments on our platforms using their preferred method." With nearly 3.6 billion users across its apps, Meta's distribution is a key advantage. Catalini noted that other tech giants like Google and Apple will also likely use multiple stablecoin providers, commoditizing the market.
This shift benefits incumbent payment networks like Visa and Mastercard, as well as fintechs and neobanks that control user touchpoints. Stripe, Meta's payment partner, is a significant player, having acquired stablecoin specialist Bridge for $1.1 billion and built its own blockchain, Tempo. However, Catalini questioned whether competitors would adopt a rival's blockchain, suggesting established networks like Ethereum, Bitcoin, or Solana are more likely foundations for open systems.
Concurrently, major banks are aggressively building blockchain-based infrastructure to modernize legacy systems. A BitGo report from February 27, 2026, found that over 50% of the top 25 U.S. banks are piloting digital asset initiatives in custody, tokenization, and stablecoins. Barclays is seeking providers for a blockchain platform targeting payments and deposits, with a selection deadline of April 2026. JPMorgan has built the Kinexys platform, while Societe Generale, Goldman Sachs, UBS, Citigroup, and BNY Mellon have active tokenization programs.
The build-out is substantive, targeting real-time settlement and programmable ownership. Citi is developing a token services platform for continuous settlement. The Canton Network enables private transactions for regulated entities, and Chainlink provides interoperability. IBM and Oracle-backed solutions are integrating into financial workflows. Regulatory clarity, including the U.S. GENIUS Act and CLARITY Act in 2025 and the EU's MiCA framework, has removed a major barrier to adoption.
The market momentum is clear: stablecoin transaction volumes have surpassed $1 trillion monthly, and the tokenized asset market is projected to reach $23 trillion by 2033. This represents a coordinated shift by influential financial institutions to adopt blockchain as the default infrastructure for capital markets.
