@mirthfulmermaid
By 2011, US debit card fees averaged around 44 basis points, high enough for Congress to pass the Durbin Amendment, which slashed those rates in half. Europe lowered its caps in 2015 to 0.20% for debit cards and 0.30% for credit cards after Brussels determined the two giants were engaging in "coordination rather than competition." Yet uncapped US credit cards still charge 2.1%–2.4% today, only slightly lower than they were a decade ago.
Stablecoins have upended this economic model. On Solana or Base, a USDC transfer costs less than $0.20 in settlement fees, a flat fee regardless of the amount. Shopify merchants accepting USDC through self-hosted wallets can retain the 2% credit card network fee they once charged. Stripe has seen the signs. It now offers a 1.5% fee on USDC transactions, down from its 2.9% + $0.30 fee rate.
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