Wu said that Delphi Digital released the 2026 Infrastructure Report: this year stablecoin total supply grew by 33% to over $304 billion, and monthly adjusted transaction volume has surpassed Visa and PayPal. Stablecoin holdings of US Treasury bonds reached $133 billion, making it the 19th largest holder; irony is that crypto companies are now competing with each other on the traditional payment tracks, and a stablecoin card routed through the Visa network is not a new paradigm; legacy players have noticed this, Stripe integrated USDB after acquiring Bridge, PayPal launched PYUSD, Klarna announced KlarnaUSD; the real winners will be those who truly replace existing payment tracks, not just companies building better interfaces on the old tracks. https://t.co/eQXZlcczOG