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Merchants need a lot more than payments in order to accept stablecoins.
If you squint, there are really only 3 major attack vectors to winning payments:
1) From network incumbents (Visa/MC)
2) From consumers (Base)
3) From merchants (Stripe)
It seems (3) has the advantage:
Dec 9, 07:57
Incredible innovation, @stripe is charging 1.5% to transfer USDC.
I recently sent $200 of USDC on @base and my transaction fee was 0.00009% , or $0.000193.
The tx fee would have been the same for $1 or $100M USDC
Charging 1.5% simply to send USDC is ludicrously unreasonable
The reason why I'd bet on an acquirer like Stripe is pretty simple: they understand the customer better.
- Visa's customers are issuers, acquirers and merchants.
- Base's customers are applications.
- Stripe's customers are merchants.
Visa's true network effect is the power to dictate that payments go through their ecosystem of issuers, acquirers, merchants, and cardholders.
They enforce the monopoly by making sure interchange is split equitably across stakeholders.
Everyone gets their vig.
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