Why are Visa and Mastercard building a stablecoin that could potentially deal a heavy blow to Circle?

【Plain Language Summary】What might truly shake Circle is not necessarily another "better stablecoin," but rather Visa and Mastercard turning stablecoins into the default payment infrastructure.
The core judgment of the article is sharp: as regulators gradually standardize compliant stablecoins, the deciding factor will no longer be the coin itself, but who controls merchant access, banking relationships, and transaction distribution.
If this alliance project comes to fruition, the product quality of USDC may no longer be the most critical variable.
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