Paying from a crypto balance is not always paying a merchant in crypto.
Why it matters
Following the asset all the way to the recipient prevents a payment interface from overstating adoption.
Demonstrated
Public networks settle tokens around the clock; stablecoins support exchange liquidity and some business and cross-border flows. People can self-custody and transfer compatible assets without bank operating hours.
Limited
Direct merchant acceptance, payroll and recurring bills depend on jurisdiction and counterparties. Volatility, tax accounting, refunds and key recovery make an all-crypto budget difficult for many households.
Promising
Tokenized deposits, regulated stablecoins and interoperable wallets may reduce reconciliation and expand continuous settlement if legal rights, privacy and redemption stay clear.
Unproven
Universal displacement of bank money, broad direct merchant demand and durable savings use across income groups remain unproven. A card conversion is useful access, but it is not evidence that the merchant chose the crypto rail.