Stablecoin.fyi’s bottom-up data attributes $136B of known payments through Aug. 2025, while Artemis still sees roughly $26T/year of adjusted on-chain stablecoin settlement before isolating actual payment use. That gap is where P2P infra gets paid: identity, local liquidity, payout orchestration and reputation layers on top of TRON USDT, USDC/Base, Bridge/Tempo and x402. The winner won’t be the chain with the prettiest TPS chart; it’ll be whoever owns the cash-in/cash-out graph and can route through fragmented local banking without becoming a compliance corpse.

Top comment by @Benthic