According to Lightspark, Co-Founder and Chief Strategy Officer Christian Catalini argues that stablecoins could bring crypto to the mainstream while warning that branded payment rails could re-centralize the ecosystem, highlighting structural risks for market infrastructure (source: Lightspark on X, Aug 22, 2025; lightspark.com). For trading, centralization of rails can affect liquidity access, routing, and fee dynamics across crypto payment venues and on-chain markets, making issuer and network design a material factor to watch (source: Lightspark on X).