The core technology of stablecoins is the determination of Visa's Big Three (card organizations + clearing networks) to eliminate settlement banks, thereby saving the 1.5% cost that would otherwise go to settlement banks, because the Big Three are the true controllers of the payment network. However, the Big Three only earn 0.1%. If Visa could directly issue cards in the future without going through issuing banks, but instead issue cards after on-chain KYC verification, and allow free exchange between USD and its own stablecoin, would banks be worried?

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