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Why We Need Open Loop Networks for Stablecoin Payments
Despite $6.7T in stablecoin transaction volume over the past year (VISA analytics), real payment volume for commerce remains minimal.
Most successful stablecoin payment businesses (Bridge, etc.) operate as closed aggregators between crypto and traditional rails, not true payment networks.
The next generation of closed-loop Stablecoin Sandwich payment networks emerging now might reach a few trillion in volume, but they'll never capture a meaningful share of the $190T global payments market.
And while SWIFT/VISA/MC are effectively "open" by scale, they're still centralized gatekeepers. The risk for crypto? Creating smaller versions of these is just building worse versions of the very gatekeepers we've always argued against.
The internet's evolution from AOL's walled gardens to the open web shows us the way. Pre-1996, online services were siloed. Then open protocols (HTTP, SMTP, SSL) created exponentially more value by connecting everyone.
Regulators and VASPs have been demanding an open protocol like SWIFT's ISO 20022 for crypto payments and Travel Rule compliance. The Transaction Authorization Protocol (TAP) was built specifically to address this need - creating an open, interoperable framework modeled after proven financial messaging systems but tailored for blockchain.
The choice is clear: capture a large slice of a small pie, or help bake a pie hundreds of times larger. The difference between a few trillion and $190 trillion should make our path obvious.
Time to tear down the walls and not build new ones. Who's with me?
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