STABLECOIN CARDS VS BANKS

Summary from the TLDR Crypto newsletter

Today's stablecoin cards ride on Visa and issuing banks' infrastructure, taking a slice of interchange while offering better UX, global access, DeFi yield on idle balances, and token-subsidized cashback, which makes them look insanely attractive but effectively eats into banks' margins. This won't last forever because, as crypto cards start replacing primary bank accounts rather than adding extra volume, banks and regulators will fight back by squeezing interchange and reclaiming economics, forcing stablecoin card players either to own more of the payment stack (licenses, rails, maybe bank-to-bank or wallet-to-wallet) or accept a hard cap on their upside.