No, good callout, cross border fiat token transfers. Central banks are working on native cross border transactions through faster/instant payment system interoperability (Bank for International Settlements working group). Think plugging FedNow into Pix (Brazil), UPI (India), and SEPA (Europe) (just a few examples, there are ~80 instant payment systems in the world as of this comment [1]). You're just pushing XML messages over a bus (ISO 20022 [2]).
Isn't Volt trying to build the cross-border version of this? I was actually not familiar with "pay by bank" before, but it sounds like it makes stablecoins even less attractive for the low-margin business use case a16z (and I am sure there are others) is advocating for.
Not familiar with Volt, their content marketing instant payment map was simply convenient when I searched for one (as I haven’t had time to pay someone to make a Wikipedia page yet with the same content).
[1] https://www.volt.io/real-time-payments-world-map/
[2] https://en.wikipedia.org/wiki/ISO_20022