Spiral warns Bitcoin is losing the payments race to stablecoins
- —More than 1 million U.S. merchants can accept Bitcoin via Square, but consumer spending remains limited
- —About 99% of payments through Coinbase's x402 protocol are made in USDC
- —Spiral cites weak demand, price volatility and U.S. tax rules as key obstacles
- —The group is seeking ambitious proposals to change Bitcoin's payment adoption within five years
Why it matters: If Bitcoin fails to gain ground in payments, stablecoins could become the default settlement layer, including for AI-agent transactions.
Source: crypto.news