This week, the crypto world lit up over the U.S. Senate’s passage of the GENIUS Act — the first real regulatory framework for payment stablecoins.
The mood? Triumphant.
“This will disrupt the legacy payment system.”
“Crypto is finally legitimate.”
“Goodbye, Visa.”
But before we all rush to declare victory over the dinosaurs of TradFi, it’s worth asking:
Is this really about empowering users?
Or just replacing one set of gatekeepers with another?
Because here’s the thing: stablecoins aren’t being built for you.
🧠 The Promise: Stablecoins Will Disrupt the Payment Stack
The crypto narrative goes like this:
- Retailers like Walmart or Amazon will issue or accept stablecoins.
- They’ll save 1–3% per transaction by bypassing Visa, Mastercard, and other intermediaries.
- Payments settle instantly. No delays. No banking hours.
- Crypto rails replace the old guard.
Sounds like progress. But who actually benefits?
🛑 The Reality: Consumers Don’t Want This
Let’s be blunt: normal people don’t want stablecoins, and here’s why.
1. They don’t solve a real consumer problem
People already have:
- Debit cards and Apple Pay
- Credit card perks and chargeback protection
- Seamless payments, everywhere
Stablecoins offer… what? Slightly faster invisible settlement? That’s a back-end feature, not a user need.
2. Getting them is clunky and costly
Buying stablecoins with fiat still costs 2–4% in card or platform fees. Add gas fees and blockchain wait times? It’s more hassle than benefit.
3. Storing them isn’t user-friendly
Crypto wallets remain:
- Intimidating
- Risky
- Easy to mess up
Most people will never self-custody digital dollars — and shouldn’t be expected to.
💰 The Real Play: Corporate Control, Not User Empowerment
Let’s call it what it is:
Stablecoins aren’t being deployed to liberate users. They’re being rolled out to streamline corporate finance.
- Walmart wants to cut out payment middlemen.
- Uber wants instant settlement and lower fraud.
- Amazon wants to control the full payments stack.
Stablecoins help them:
- Reduce fees paid to traditional processors and card networks
- Gain more control over payment data
- Create closed-loop payment ecosystems they fully own
It’s vertical integration — not decentralization.
🧾 Will Consumers Benefit? Unlikely.
The crypto pitch says: cut out Visa, and everyone wins.
But in reality:
- Prices won’t fall — retailers will keep the savings.
- Rewards might be offered, but only on their terms.
- “Faster” won’t be visible — consumers already see instant payments.
This is back-end plumbing innovation, not a front-end experience upgrade.
And most users won’t even know or care that it’s a stablecoin “under the hood.”
🌍 “But What About Emerging Markets?”
A popular counterpoint: Even if this isn’t for the U.S., stablecoins will be revolutionary in the Global South.
Let’s reality-check that:
- Many people don’t have reliable internet, banking access, or on/off-ramps.
- Stablecoins remain expensive and hard to obtain in much of the world.
- In informal economies, cash and trust networks dominate — not apps and wallets.
- And most stablecoin systems rely on U.S. dollar liquidity and platforms — which aren’t meaningfully decentralized or inclusive.
Stablecoins could eventually play a role in economic stability — but nothing in the GENIUS Act, or current corporate strategies, is designed with those users in mind.
🏦 Don’t Just Say “Visa” — This Is About the Entire Legacy Stack
To be clear, “Visa” isn’t the only one at risk — it’s a stand-in for the entire incumbent payment system:
- Card networks (Visa, Mastercard, AmEx, Discover)
- Acquirers and processors (Stripe, Adyen, FIS, etc.)
- Settlement banks and payment gateways
- Fintechs built around fee-based rails
Stablecoins — especially if used by corporations at scale — could strip revenue and control from that entire ecosystem.
But here’s the irony:
Even if stablecoins “win,” many of these same legacy players still get paid on the way in.
People still buy stablecoins with bank cards. Fintechs still facilitate conversion. And TradFi institutions are now partnering with stablecoin issuers to stay relevant.
Disruption? Sure. But don’t confuse it with replacement.
🧠 Final Thought
The GENIUS Act is a milestone for stablecoins — but not for the reasons you might think.
It’s not about financial liberation.
It’s not about crypto-native values.
And it’s definitely not about the unbanked.
It’s about corporate efficiency and regulatory permissioning.
That’s fine — but let’s be honest about it.
The stablecoin rails being built today serve retailers, platforms, and capital — not people.
So if you’re building in this space, ask yourself:
Are you building for the future of finance — or just helping corporations optimize margin?
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