Delphi Digital's 2026 Infrastructure Report reveals a 33% increase in stablecoin supply this year, surpassing $304 billion. Monthly adjusted transaction volumes have exceeded those of Visa and PayPal. Stablecoins now hold $133 billion in U.S. Treasury securities, ranking as the 19th largest holder. Despite this growth, crypto companies are competing on traditional payment rails, with stablecoin cards routed through Visa not representing a new paradigm. Traditional players like Stripe, PayPal, and Klarna are integrating stablecoins, with Stripe incorporating USDB, PayPal launching PYUSD, and Klarna introducing KlarnaUSD. The true winners will be those who replace existing payment systems, not just enhance interfaces on old ones.