@psd

Super interesting. Stablecoins are part of the answer here, but problem is most consumers don’t hold them, and most merchants don’t have the ability to accept them. And from my upfront view, merchants (at least in US) don’t care in the slightest about stables. It’s crickets when talking to merchants about stablecoin settlement. Merchants want a high spending consumer (ie credit fueled) in their stores, at a lower cost of acceptance. So stablecoins get us part of the way there. To really challenge interchange/discount rate, we need to go big and fully replatform the “closed loop” onchain. Onchain consumer credit, powered by stablecoins and a liquidity pool in the backend, with a dramatically lower cost of acceptance for merchants, is the massive opportunity here. Here’s more thoughts: https://x.com/philip0x/status/1982219251479097601?s=46

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