Thoughts on rising rates and stablecoin adoption

Watching the fixed income market lately, especially with the subtle shifts in Fed tone, makes me wonder about the ripple effect on stablecoin adoption for everyday payments. Higher rates usually mean tighter credit and a flight to safety, but for merchants dealing with transaction fees and settlement times, could stablecoins actually become more appealing as an alternative rails, particularly if the on/off-ramps mature?

It feels like a potential catalyst for the real-world utility case, especially for businesses trying to manage working capital more efficiently. Not sure how it plays out for all the current stablecoin projects, but it's making me look closer at the infrastructure plays bridging traditional finance with crypto. Any thoughts on how a sustained higher rate environment changes the game for stablecoin settlement services?