GENIUS Act will mean that any at-scale company with a lot of payments—both retail and B2B—will explore how to nudge consumers (and force vendors) to use the payment method.

Under the radar, but Walmart has a neobank that is used by a lot of their millions of employees and increasingly customers to do in-store payments.

The challenge is if you don't already have a balance loaded into an app, you're still going to use a debit or credit card.

Why stablecoins will be more likley a sustaining innovation that benefits incumbents in most cases vs. a disruptive innovation benefitting startups.

That’s a sharp take. The GENIUS Act will likely accelerate vertical integration of payments, where large incumbents use their scale to steer both consumers and vendors toward proprietary rails—especially when they control payroll, wallets, and retail touchpoints.

Stablecoins fit neatly into this, not as a disruptive wedge, but as a sustaining layer, enhancing margin, reducing interchange, and locking in ecosystems. Unless startups can own distribution or embed deeply in underserved niches, the incumbents have the upper hand.

Walmart’s neobank is a perfect example, quietly building the flywheel of wages, spending, and loyalty, all off traditional rails.