The former Governor of China’s central bank recently made a striking observation: high merchant fees for credit cards make the United States vulnerable to retail stablecoin payments. He gloated that China faces no such threat due to its payment efficiencies and minimal merchant fees.
But his focus on merchant costs may miss the bigger picture. Could dismissing stablecoins as retail payment competitors prove dangerous, even for countries with retail payment systems that are as efficient as China’s?
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