Paxos

Swift’s blockchain settlement expansion and Stripe’s proposed PayPal bid highlight a new phase in the fight over global payment infrastructure. The focus is shifting from proving stablecoin technology to controlling wallets, merchant acceptance and settlement rails.

A potential Stripe acquisition of PayPal is stirring debate across fintech and crypto over who controls the rails behind consumer payments. Market participants say the biggest prize may be PayPal’s wallet reach, merchant network and stablecoin distribution rather than any single token.