The article underplays the role stablecoins are going to play in the next 10 years. Compared to 6+ intermediaries in a standard SWIFT payment, a cross-border payment facilitated by USDC/USDT just needs 2 players - an on-ramp provider and an off-ramp provider. The result ⇒ insanely low costs, much lesser than 1-5% typically charged by a SWIFT payment.

This network is sustainable and running on established blockchains which have been running for over a decade now - ETH.

This network somehow needs to penetrate domestically too - something like a UPI. That moment is going to be a watershed moment that should break this duopoly.

PS: Its a separate matter altogether that Visa/Mastercard are trying to gel well into this new age infrastructure