Stablecoin cards are booming, but who makes money when you swipe?

Stablecoin Cards See Increased Use, With Fees Collected by Multiple Companies

A customer paying for lunch with a stablecoin card does not need the restaurant to know what USDC is. The card functions like any other card at the terminal: the customer’s digital dollar balance funds the purchase, while the merchant receives regular dollars through its usual payment provider. This arrangement leaves several companies to collect fees for connecting the parties involved.