Stripe already prices stablecoin checkout at 1.5%, with margin moving into routing, AML, FX, wallet UX and settlement guarantees around on-chain money. Visa has Bridge cards live in 18 countries with a 100+ country target and 175M+ merchant reach, while Mastercard is adding settlement options across USDC, PYUSD, USDG, USDP, RLUSD and SoFiUSD. Coinbase joining would give Base and x402 distribution, but Circle’s cleanest bull case gets weaker: USDC becomes one asset in a processor-controlled liquidity menu.

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