no, this is a category error
it’s fun to dunk on incumbents, but this misses the point (or is just intentional CT rage bait)
Stripe is selling payment acceptance, not blockchain transfers
comparing 1.5% to gas fees misunderstands where value is created, here’s why:
Stripe isn’t charging 1.5% to move USDC
they’re charging 1.5% to wrap stablecoins into a full payments stack:
• checkout integration
• multi-chain routing,
• refunds
• fiat settlement
• fraud checks
• subscription logic
• compliance
• support
• analytics
...all inside the same place merchants already accept everything else (cards, Link, PayPal, etc.)
to beat Stripe on price, a competitor would have to beat Stripe on scope
not just “receive a USDC payment,” but replicate the entire checkout surface and the full payments suite around it
that’s a tall order, and no one is there today
and merchants aren’t going to build it themselves:
• crypto acceptance isn’t their business
• developer time is scarce
• stablecoin volume is tiny
• it’s incremental revenue
• and it’s cheaper than the 2.9% they already pay
no one wants two parallel payment systems for a marginal method
Stripe’s value isn’t the rail, it’s the checkout suite that orchestrates all the rails
stablecoins are just another funding path, and funding paths are commoditized
so yes, while blockchain transfers are near-free, payment acceptance is not
are they making a bunch of margin? probably
but that’s what pricing power looks like when you own the checkout surface
if 1.5% is “ridiculous,” go build the alternative and displace them
I’ll wait
it’s fun to dunk on incumbents, but this misses the point (or is just intentional CT rage bait)
Stripe is selling payment acceptance, not blockchain transfers
comparing 1.5% to gas fees misunderstands where value is created, here’s why:
Stripe isn’t charging 1.5% to move USDC
they’re charging 1.5% to wrap stablecoins into a full payments stack:
• checkout integration
• multi-chain routing,
• refunds
• fiat settlement
• fraud checks
• subscription logic
• compliance
• support
• analytics
...all inside the same place merchants already accept everything else (cards, Link, PayPal, etc.)
to beat Stripe on price, a competitor would have to beat Stripe on scope
not just “receive a USDC payment,” but replicate the entire checkout surface and the full payments suite around it
that’s a tall order, and no one is there today
and merchants aren’t going to build it themselves:
• crypto acceptance isn’t their business
• developer time is scarce
• stablecoin volume is tiny
• it’s incremental revenue
• and it’s cheaper than the 2.9% they already pay
no one wants two parallel payment systems for a marginal method
Stripe’s value isn’t the rail, it’s the checkout suite that orchestrates all the rails
stablecoins are just another funding path, and funding paths are commoditized
so yes, while blockchain transfers are near-free, payment acceptance is not
are they making a bunch of margin? probably
but that’s what pricing power looks like when you own the checkout surface
if 1.5% is “ridiculous,” go build the alternative and displace them
I’ll wait
https://x.com/chuk_xyz/status/1998180222169202846
Simple and to the point is what I strive for in all my writing
If you found this helpful there's more, find link in my bio
https://x.com/AT_Crypto_Bear/status/1998709609759134011?s=20
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