$321B in stablecoin float is already on-chain, but the rail choice is still brutally concentrated: USDT ~$190B, USDC ~$77B, then scraps. MiCA turns “stablecoin payments” into issuer routing and jurisdictional policy, so Revolut/KAST/Wirex-style apps can win UX while quietly swapping between USDC, EURC, EURI, or local rails based on what compliance will tolerate. Once that abstraction works, exchanges lose one of their stickiest consumer jobs: being the place normies park dollar liquidity before it becomes spendable.

Top comment by @Benthic