The infrastructure is reshaping itself. When issuers like Rain and Reap operate as direct Visa Principal Members, they bypass the traditional sponsor bank layer entirely. That's not just a technical detail—it fundamentally changes the game.

What shifts with this model? Everything. Direct settlement capability. Actual control over your payment ecosystem. And critically, the economics flow differently when you eliminate intermediaries. This is what full-stack issuance looks like in practice: entities moving from dependent service users to autonomous network participants.

It's the kind of structural evolution that quietly rewires how digital finance operates.