#链上支付 The underlying logic of on-chain payments is being rewritten.

Look at this wave of AI proxy trading. On the surface, payment channels are running ahead of trust infrastructure, but fundamentally, it reflects a deeper contradiction: technological capabilities are advanced while institutional design is lagging.

The data is straightforward—Visa and MasterCard handle transactions worth trillions annually, and their dispute resolution mechanisms have evolved over 70 years. But when stablecoin transactions settle in seconds and are inherently irreversible, this traditional infrastructure completely fails. There are no chargeback mechanisms, no shared fraud graphs, and no persistent identity-based credit reputation. Each proxy interaction starts from zero.

The key observation is three gaps: identity verification (KYA layer), fraud detection, and dispute resolution mechanisms. Currently, Plaid and others have validated the business model of identity registration, but equivalent systems on the proxy side have not yet appeared. When proxy autonomous trading scales up, who will bear the cost of errors? Card networks dare not touch this because the profit structure of stablecoin channels is entirely different; their fee models depend on interchange fees. AI labs also do not want to act as arbiters.

Therefore, three entry points for startups become practical: identity issuance, dispute insurance, and attribution mechanisms. Among these, identity and dispute resolution will mature first because there are existing reference cases for network effects and risk pricing.

This is not a technical issue; it is a restructuring of the business framework.