In recent years, crypto payment applications have been viewed as a supplementary solution for cross-border transfers, primarily marketed for their low fees, 24/7 settlement, and reduced intermediaries. However, with the maturation of stablecoins and layer-2 networks, these applications are gradually evolving from "alternative solutions" to direct payment channels for users and merchants. Recently, traditional payment giants like PayPal and Visa have increased their integration with stablecoins and blockchain infrastructure, highlighting that this trend is entering an accelerated phase.

1. Stablecoins Become the Core of Payments
   Stablecoins have already found practical applications in cross-border trade, freelancer salary payments, and e-commerce platform settlements in multiple countries. USDC and USDT, with their high liquidity and fiat-pegged characteristics, are gradually becoming "intermediary currencies" at the payment end. Issuers like Circle have recently promoted transparency disclosures and regulatory compliance, striving to establish higher trust levels in both institutional and retail markets. For payment applications, this means their products can achieve lower entry barriers within the traditional financial system.

2. Layer-2 Networks Drive Micropayments
   High on-chain fees have long restricted the popularity of crypto payments, but the application of Ethereum Layer-2 and Bitcoin Lightning networks is gradually alleviating this issue. For example, in pilot programs with merchants in some emerging markets, the Lightning network has been used in everyday consumption scenarios, with transaction speeds approaching instant settlement and fees significantly lower than traditional card networks. As the layer-2 wallet experience improves, the barriers to using crypto payments are decreasing.

3. Entry of Traditional Payment Giants
   The entry of large payment companies into the crypto payment space brings both competition and collaboration opportunities. PayPal's previously launched "crypto settlement" service allows users to pay for goods directly with crypto assets while merchants receive fiat currency, which somewhat alleviates merchants' concerns about "not wanting to hold volatile assets." Visa and Mastercard are exploring blockchain-based settlement for stablecoin transactions, providing underlying support for large-scale merchants.

4. Compliance and Risk Control Challenges
   As application scenarios expand, the regulatory pressure facing crypto payments is also increasing. Issues such as stablecoin issuance and custody, KYC requirements for wallet services, and anti-money laundering compliance frameworks are challenges that companies must address. Especially in Europe, the U.S., and some Asian markets, payment service providers need to find a balance between user experience and regulatory compliance, which is key to expanding merchant and consumer acceptance.

5. Future Turning Point: Payment or Financial Infrastructure?
   Industry consensus suggests that crypto payment applications are transitioning from "supplementary tools for cross-border transfers" to "financial infrastructure." If stablecoin settlement becomes standardized, layer-2 technology is widely adopted, and compliance pathways are clear, then crypto payments may truly enter the routine use of retail and merchants. Conversely, if regulatory uncertainties increase or improvements in user experience stagnate, crypto payments may remain in a "pilot" or "specific market use" state.

Conclusion: The prospects for crypto payment applications are shifting from niche to mainstream, but whether they can cross the threshold of scalability depends on the speed of technological iteration, the regulatory environment, and the integration with traditional payment systems. For industry observers, the future focus will no longer be just on "whether payments can be made," but on "whether payments can seamlessly integrate into daily economic activities."

Related: Despite a slight rebound in Bitcoin (BTC) price to $116,000, 8 out of 10 bullish indicators have turned bearish.

Original: “A New Turning Point for Crypto Payments: From Cross-Border Settlements to Everyday Spending”

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