What Are Stablecoins Really Changing in the Four-Party Model?

A CEO's Perspective on the Evolution of Stablecoin Payment Infrastructure

By Ray Yang, Co-founder & CEO, WasabiCard

 

Introduction: What Are Stablecoins Really Changing?

Over the past two years, stablecoins have become one of the defining topics in enterprise payments. Some believe they will reshape global payments. Others expect them to replace established card networks such as Visa and Mastercard.

I've never been convinced.

Before founding WasabiCard, I spent years working on products built around Visa's four-party card model. That experience taught me that the real complexity of payments isn't what customers see—it's everything that happens behind the transaction.

The more I viewed stablecoins through the lens of payment infrastructure, the more convinced I became that the real innovation wasn't in how people pay—it was in how money settles.

Stablecoins are not replacing the payment layer. They are reshaping the settlement layer.

If Visa and Mastercard built the world's payment network, stablecoins are beginning to redefine how value moves within it. That distinction has shaped how I think about the future of enterprise payments—and it's the perspective I hope to share in this article.

What Stablecoins Change—and What They Don't

Much of today's discussion assumes that stablecoins will replace traditional payment networks.

I believe they're changing something else.

For decades, the four-party model has powered global card payments through networks such as Visa and Mastercard. Consumers will continue to pay with cards, digital wallets and online checkout, while merchants will continue accepting payments through the same global networks.

What changes isn't the payment experience—it's what happens after a payment is authorized.

The four-party model moves payment information. Stablecoins introduce a new way to move value. Rather than replacing existing payment rails, they add a new settlement layer—bringing real-time settlement, programmable money and greater capital efficiency to enterprise payments.

If the four-party model defines how payments move, stablecoins redefine how money settles.

Beyond settlement, that shift is also reshaping liquidity management and enterprise payment infrastructure.

Settlement

Traditional cross-border settlement relies on correspondent banking, local clearing systems and banking hours. Stablecoins provide an alternative settlement mechanism that enables value to move continuously, with fewer intermediaries and greater efficiency.

Liquidity

As businesses expand globally, managing capital across multiple jurisdictions becomes increasingly complex. Stablecoins introduce a common liquidity layer, allowing funds to be centrally managed before being deployed wherever they are needed.

Distribution

Settlement alone does not make stablecoins enterprise-ready. Businesses still require compliance, local payment access and integration with regulated financial infrastructure. The real opportunity lies in building the infrastructure that connects blockchain-native assets with the global financial system.

That is why I believe the next phase of competition will not be defined by who issues the most stablecoins, but by who builds the infrastructure that enables them to move securely, compliantly and at global scale.

 

Figure 1. Stablecoins are changing how value settles—not how consumers pay.

 

Different Layers, Different Roles

As stablecoins become part of mainstream payment infrastructure, different players are taking on increasingly distinct roles.

Visa is modernizing the settlement layer. Mastercard is expanding the broader payments ecosystem. A new generation of infrastructure providers, represented by WasabiCard, is focused on connecting stablecoins with global payment networks and local compliance frameworks—making stablecoins practical for enterprise payments.

 

Figure 2. Visa, Mastercard and next-generation payment infrastructure providers play complementary roles in the evolution of enterprise payments.

 

The future of payments will not be defined by one infrastructure replacing another, but by how effectively different layers work together to build the next generation of global payment infrastructure.

 

Where the Next Opportunity Lies

If stablecoins are reshaping the payment system, the next phase of competition will be defined not by stablecoins themselves, but by the infrastructure that enables them.

As more enterprises begin adopting stablecoin-powered payments, I have become increasingly convinced that the real challenge is no longer on-chain settlement. It is how to connect stablecoins with regulated financial systems, global payment networks and local compliance frameworks.

The companies that solve this challenge will be the ones that drive enterprise adoption at scale.

Over the next few years, I believe four areas will shape the next generation of payment infrastructure.

Global distribution networks

Competitive advantage will shift from issuing cards in a single market to enabling compliant fund distribution across multiple jurisdictions.

Liquidity orchestration

Stablecoins will become a common liquidity layer, allowing businesses to manage capital centrally before deploying it across global operations.

Programmable payments

Spending controls, approval workflows and risk policies will increasingly be enforced through software rather than static banking processes.

Autonomous commerce

As AI agents begin initiating transactions on behalf of businesses, payment infrastructure will be responsible for orchestrating settlement, permissions, compliance and execution across both blockchain and traditional payment networks.

This is where I believe the greatest long-term opportunity lies.

At WasabiCard, our focus is not simply on enabling stablecoin payments. It is on building the infrastructure that connects stablecoins with enterprise payment workflows, global acceptance networks and regulated financial systems—making stablecoins practical for businesses operating at global scale.

 

Conclusion: Payments Aren't Being Replaced—They're Being Reinvented

The question I started with was simple. What are stablecoins actually changing?

My answer remains the same. They are not replacing how people pay. They are redefining how money settles.

For decades, Visa and Mastercard built one of the world's most successful payment infrastructures. I do not believe stablecoins will replace that foundation. Instead, they will strengthen it by introducing real-time settlement, programmable liquidity and new ways to move value across borders.

The future of enterprise payments will not be defined by choosing between traditional payment networks and blockchain-based finance. It will be built by combining the strengths of both.

That is also the vision behind WasabiCard.

From day one, our goal has never been to replace Visa or Mastercard. It has been to make stablecoins work within the existing global payment ecosystem—transforming them from digital assets into practical, compliant payment infrastructure for businesses worldwide.

The customer experience should remain familiar. The infrastructure behind it should not.

About WasabiCard

WasabiCard is a global payment infrastructure platform enabling enterprises, fintechs, and internet-native businesses to issue cards, distribute payouts, and manage cross-border payments through stablecoin-powered financial infrastructure. Its platform supports global card issuing, multi-currency settlement, stablecoin funding, and embedded payment capabilities designed for modern global commerce. WasabiCard powers payment use cases across media buying, SaaS subscriptions, global payroll, treasury management, and digital financial applications.

Follow WasabiCard on X and LinkedIn for the latest updates on product developments, partnerships, and insights into the future of stablecoin-powered payments.

Business Contact

Fire, co-founder of WasabiCard

Email: [email protected]

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Disclaimer

This publication is for informational purposes only and does not constitute legal, tax, or professional advice from WasabiCard, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]].