This is true, but with that said 54 countries have instant payments [1] [2]. This number will only grow, as you’re just pushing messages around queues. Once Congress lit a fire under the Fed, it’s only taking ~4-5 years to roll out instant payments in the US. This is very fast for such endeavors.

Your average financial consumer in most countries is going to trust their bank and government to protect their fiat vs cryptopunks, blockchains, “smart contracts”, and “stablecoins”. To compete with fiat, you need to sell trust and recourse, not speed, and that’s something crypto inherently doesn’t support.

(No need to point out Venezuela and the like about where crypto might have a chance, ground truth shows those folks overwhelming used Zelle and clandestine US deposit accounts to circumvent government monetary controls [3] [4])

[1] https://www.moderntreasury.com/journal/real-time-payments-ar...

[2]https://empower1.fisglobal.com/rs/650-KGE-239/images/Report_... (pdf, start at page 30)

[3] https://www.coindesk.com/venezuela-is-a-testing-ground-for-d...

[4] https://mobile.twitter.com/jp_koning/status/1254009112263868...