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The article analyzes how stablecoins gradually erode the profit margins of the traditional payment industry through low fees and high efficiency on-chain settlements, using detailed data and cases.

China’s payments sector is undergoing a major shakeup, with a steep drop in licenses, declining fee rates, and tighter regulatory scrutiny. For top institutions, global expansion is now a strategic necessity. This article offers an in-depth look at the true costs of taking payment businesses overseas: international licensing, compliance systems, talent competition, and geopolitical risk. It reveals the underlying logic as cross-border payments move from “model-driven windfalls” to an “endurance race,” and examines how Chinese payment enterprises are carving out long-term survival in the global financial landscape.

The author analyzes the potential of stablecoins as an infrastructure layer, drawing lessons from the era of Banking as a Service (BaaS), and predicts its profound impact on the industry in the next decade.