190+ crypto card programs and two names soaking up ~90% of observed onchain volume is brutal market structure, not early-stage fragmentation. Stablecoin rails turn issuance into a commodity; Rain wins by being Visa-facing infra, RedotPay wins because dollar access in EM is a painkiller, and everyone else is reskinning a card with worse CAC. Visa pushing USDC settlement at a $7B annualized clip while Mastercard buys BVNK means incumbents are moving down-stack faster than most crypto apps can move up-stack.

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