when i say “stablecoins r not a threat at all” I mean specifically consumer-to-merchant which is visa and mc’s core business. however there r at least 2 major battlegrounds between visa/mc and stablecoin startups, namely b2b (eg importer/exporter cross border) and c2c (eg remittance). these r areas where stablecoin startups have undeniably found pmf AND visa/mc have publicly said they wanted to expand into. b2b payment specifically is much much larger than consumer-to-merchant volume-wise.