Fintech and crypto firms are increasingly competing to control the infrastructure behind stablecoin payments, often referred to as “payment rails.” According to Delphi Digital, this shift reflects a strategic move to capture more value rather than relying on external networks like Ethereum.

By owning the settlement layer, companies can avoid fees tied to minting and transferring stablecoins while unlocking new revenue streams. Industry experts say this mirrors how traditional giants like payment networks built dominance—not by issuing currency, but by controlling how money moves.