There's no merchant acceptance network for stablecoins

Why are folks still wasting time trying to recreate a merchant acceptance network for stablecoins? It should be a foregone conclusion at this point that the killer use case for stablecoins in commerce isn't at the point of sale; it's behind-the-scenes settlement, after authorization is captured over card rails.

For those pouring good money after bad trying to roll out stablecoin checkout — you simply cannot create a two-sided network without incentivizing all the critical nodes in the current structure to switch. And by the time you find the market-clearing rate that gets everyone bought in, you'll notice you just reinvented the status quo.

You're fighting immutable behavioral economics by trying to end-run the card networks. The moat has hardly ever been about technology; it's about standards and governance.

Instead, the real opportunity lies in stablecoin-backed cards. Cards have ubiquitous acceptance, while stablecoins are a phenomenal way to store value across borders. The next era of payments will belong to builders who can marry the two, amplifying the daily utility of stablecoin wallets: store value anywhere with stables, spend anywhere with cards.