The Battle for 'Financial Infrastructure,' Not Just 'Payments' ─ The Future of SoFiUSD Part 7🚀

When people talk about stablecoins, many call it a 'remittance revolution.'

For example, in international remittances, funds move through multiple banks and various national payment networks. As a result, problems such as slowness, high costs, and lack of transparency arise.

When stablecoins are used there, transfers can be made in seconds to minutes, and costs are significantly reduced, which is why the explanation that 'stablecoins = remittance revolution' is often used.

However, this is only a part of the change. If we are to correctly describe the changes currently taking place, it is not a 'remittance revolution' but a 'financial infrastructure revolution.'

<What is truly changing is the financial system itself>
The financial services we use daily are all built on the 'movement of money.'

Deposits, loans, payments, remittances, securities trading, foreign exchange, and insurance, these may look like separate services. However, behind the scenes, in terms of 'who transfers funds to whom,' they are built on the same mechanism. The financial system is a massive fund transfer network.

<The same structural change as the Internet is happening>
Before the 1990s, telephone, fax, and data communications were operated using different mechanisms.

However, when the Internet appeared, the situation changed; everything was integrated onto an IP network, and voice calls, video, music, email, and social media all began to run on the same network.

What is happening in the financial industry today is similar. Things that were previously separate, such as 'bank transfers, international remittances, payments, securities settlement, and foreign exchange trading,' are being integrated on top of stablecoins and blockchain.

<He who controls the 'rails' wins>
The term 'rails' is often used in the financial industry. Although users are unaware of it, it refers to the very path through which funds flow.

To use a railway analogy, what is truly powerful is not the train manufacturer, but the 'railway company that controls the tracks.' All trains must pass through the tracks (rails).

Finance is the same; no matter how many financial services are created, they ultimately pass through the infrastructure. That is why each company is targeting 'infrastructure.'

<What Stripe, Visa/Mastercard, and Circle are aiming for>
This is also the reason why online payment giant Stripe acquired Bridge. Bridge is an infrastructure company that allows businesses to easily build remittances and payments using stablecoins.

However, what Stripe wanted was a payment foundation used by companies around the world. Stripe does not want to 'sell stablecoins,' but rather 'wants to control the next-generation payment rails.'

Visa/Mastercard are the same. Many people think they are 'card companies,' but that is not the case. They do not collect deposits themselves. They do not make loans. Yet, they have become giant corporations.

That is because they dominated payment networks around the world. And so it is.

And Visa is advancing the construction of VTAP (Visa Tokenized Asset Platform) and a stablecoin payment foundation.

Mastercard is also building MTN (Multi-Token Network). This is not just a crypto asset project. It is a vision to handle 'fiat currency, bank deposits, stablecoins, and tokenized assets' on the same network.

Circle is the same; what they are aiming for is to become a common infrastructure used by companies and financial institutions around the world. That is precisely why they continue to invest heavily in regulatory compliance, auditing, transparency, and cooperation with banks.

In other words, the competition for leadership in the next-generation financial network has begun.

<The World SoFi Sees>
Let's return to SoFi here.Many people look at SoFiUSD and think, "Stablecoins are already saturated, and there's no chance for a latecomer."

But is that really the case? SoFi
・for its approximately 15 million membersprovides banking, deposits, loans, securities, and payment functions.
・Galileo/Technisys processes 8 billion transactions annually and has 130 million accounts.
・SoFi Big Business Bankingalso exists.
・Mastercardis also a partner.
・SoFiUSD is also scheduled to be listed on Bullish

In other words, as a financial infrastructure company, SoFi is already providing operational financial services.

By combining its member base with banking and payment functions, it can integrate SoFiUSD into its entire financial ecosystem. Furthermore, it can provide financial services to external companies through Galileo/Technisys.

This is different from companies that simply issue stablecoins. SoFi has the "places to use" and "places to make others use" the stablecoin it issues itself.

<Beyond Remittances>
What would happen if finance were completely on-chain (where the movement of money and financial assets is executed on a blockchain)?

Financial transactions, which are currently divided among banks, securities firms, and payment companies, would in the future be processed on a common foundation: a single blockchain. In that world, it is not just payments that are important. Controlling the flow of funds itself becomes important.

In other words, it is not "payment companies" but
"financial infrastructure companies" that will win.
that will win

<The Next Battle is Not 'Banks vs. Crypto Assets'>
Circle has obtained a trust bank license and is moving closer to being a bank. Paxos, the issuer of PayPal's stablecoin "PYUSD," is doing the same.

On the other hand, SoFi is a bank from the start and is beginning to incorporate blockchain into banking.

As an extension of this trend, in the future,it is highly likely that the boundary between banks and crypto assets will disappear entirely.

<Who is the True Winner?>
The competition from here on out is not about who makes the best coin. It is not about who has the most users either.

The real battle iswhich financial infrastructure will become the core of the world's flow of funds. AndSoFiUSD may be a declaration of participation in the battle over "massive financial infrastructure."

In the next chapter, I would like to consider the"Bank of Banks concept"that lies on that extension.

Why does SoFi have the potential to redesign the financial industry itself, rather than just being a bank? I will organize the overall picture.

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