On June 13, influenced by stablecoin legislation and the rollout of retail terminals, stock prices in the U.S. payment sector fell sharply. The U.S. Senate recently passed the (GENIUS Act), lowering the threshold for stablecoin issuance; Shopify and Coinbase are piloting USDC settlements on the Base chain, while Walmart and Amazon are evaluating the issuance of their own stablecoins. The payment fee rate for stablecoins is only 0.2%, far lower than the traditional 2.5% rate, which will disrupt the existing payment system. Visa and MasterCard derive about 55% of their revenue from transaction fees, and if the stablecoin penetration rate reaches 10% by 2026, their revenue could decrease by $1.3 billion. PayPal and Shopify are also facing pressure to adjust their business models, with Shopify's gross profit margin possibly compressed by 150 basis points. The market is closely monitoring legislative progress, the movements of retail giants regarding stablecoins, and the on-chain settlement strategies of traditional payment companies.
