According to a report by Reuters on August 2, the surge in cryptocurrencies led by stablecoins is intensifying the uncertainty surrounding the duopoly of credit cards in the United States. Executives from Visa and Mastercard, during their recent earnings call, faced for the first time the potential new legislative environment that could accelerate the adoption of stablecoins, and they generally downplayed the potential threat of dollar-pegged digital currencies to their own payment networks. Although both companies have provided some comfort to the market with stable profit performance and strong valuation levels, the soaring market capitalization of stablecoin operator Circle Internet Group, which has surpassed $40 billion, still reveals the divergent expectations of the capital market regarding changes in the payment sector, making it difficult for two groups of investors to maintain accurate judgments simultaneously.