Loosely held view: there are three independent trends that seem favorable for stablecoins being the big winner in this crypto winter.

1. High interest rates make it a good biz

2. US federal legislation likely in the next 12 months; would make traditional FIs more comfortable

3. Developer infra being built out now

One scenario is PayPal (+Venmo) and Square (Cash App) allow for USDC send / receive. Now the fintech consumer platforms are as interoperable as Zelle. Add Stripe and Shopify as USDC friendly.

Also means you could in theory create a Visa competitor based on stablecoin rails. Start with e-commerce.

Agreed on all your assumptions! It's likely that Fintechs of this caliber will issue their own stablecoins to retain their treasury economics and utilize USDC or alternative to interoperate between platforms.