Stablecoins seem to be following these general paths:

- Fiat-backed stablecoins (securing revenue based on US Treasury bonds)

- Crypto-backed stablecoins (DeFi native yields and tokens)

- On/Off Ramps

- Geographic expansion: regions with USD demand but lacking financial infrastructure (Latin America, Africa, etc.)

- Stablecoin payment APIs/SDKs

- Yield-bearing stablecoins & Token Incentives as GTM strategies

- UX enhancement apps / virtual & physical cards / mobile payment integration (regional licensing is crucial)

- Stablecoin-specific chains

The more I research, the more confident I am that Stablecoin x Payment is indeed the core industry that can achieve mass adoption in this space.