Is it possible for stablecoins to disrupt the payment industry? In fact, this won't happen in the areas people have envisioned. Currently, the vast majority of stablecoin applications are concentrated in the crypto asset market—not in the payment sector.

In the retail C2B payment sector, at least in the foreseeable future, stablecoins are still not an effective solution to the problems—especially in most developed markets. Establishing a payment network composed of merchants and consumers faces the "chicken-and-egg" problem. Currently, debit card payments are regulated, and their costs are also lower than credit card payments. Furthermore, lower-cost payment channels such as Automated Clearing Houses and real-time payment systems have actually existed for a long time; they are just rarely used for retail payments.

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