At first glance, this seems like favourable information, but upon deeper reflection, it can be a bit daunting. Visa has expanded the settlement scope of USDC to the U.S. market, meaning banks can now use stablecoins to fulfill their obligations to the card network. More importantly, they have clarified that it will be available 24/7 with stronger settlement resilience. The result is: USD settlement has shifted from "only on business days" to "anytime."

Money has begun to possess the characteristics of software. How software iterates, the financial power structure will be restructured accordingly.

The core that is most easily overlooked in this hotspot is that it advances the competition of stablecoins to a new stage. It's not about who can anchor more stably, but about who can become the default choice of the system. Once stablecoins become a settlement component in the payment network, users will take the path of least resistance, just like using infrastructure. They will only remember the existence of this thing when problems arise.

At this point, the role of USDD becomes particularly interesting. It has chosen another path: instead of seeking to be embedded within a centralized system, it strengthens on-chain verifiable stability mechanisms and users' complete sovereignty over their assets.

How is it done? Over-collateralization provides a risk buffer, the PSM mechanism anchors price and exchange paths, and the multi-chain native design is compatible with various combinations in DeFi. From another perspective, this is like "protocolized USD"—its value does not depend on system defaults, but comes from the autonomy you always hold on-chain.

When the payment network drags stablecoins into the settlement system, a choice becomes particularly sharp: who do you want to entrust the cash of the on-chain world to? This question will become increasingly important.