What Brother Dayu said is absolutely correct; this is indeed the current opportunity for $CRCL, but this path is not smooth sailing.

First of all, if this is done, the underlying logic of USDC is liquidation, not payment. While users may not feel it, this also means that users do not need to use USDC for settlement. Stripe and Shopify themselves are traditional payment and settlement conditions, and the integration of fiat currency and the use of fiat currency are already running very smoothly.

Even Twitter's advertising settlement uses Stripe's fiat currency settlement. Theoretically, merchants could pay for advertising with USDC, but why not?

Because for merchants and platforms, receiving USD is the most straightforward, the accounting process is the easiest, and it does not trigger the complexity of IRS taxation. Bank statements and tax reports are all part of the traditional dollar system, so while settlement can use USDC, what is the significance of using USDC? It is actually more convenient to use USD on both the front and back ends.

Of course, the biggest advantage of USDC is cross-border transactions, which is not a troublesome matter for the current USD system. Most large enterprises are already using mature systems like Stripe Treasury, Wise, SWIFT gpi, and Payoneer. For them, the marginal efficiency gains brought by USDC are not enough to justify the additional compliance costs.

USDC also needs to perform KYC work, and the requirements for stablecoins will become increasingly strict with the GENIUS Act, FIT21, and OFAC, inevitably requiring full-chain regulatory KYC. Originally, using USD could allow for normal settlement, but if USDC is used instead, it not only does not lower the regulatory threshold but may also increase the cost of review.

Therefore, the core issue is that USDC as backend liquidation provides incremental value to Stripe, but for ordinary merchants and users, it has zero perceived value. Although USDC can thus enter the traditional payment system, users will not hold it, and merchants do not need it. USDC cannot form a bilateral network effect, will not generate a positive feedback payment flywheel, and will ultimately become a dollar liquidation API rather than a widely used digital dollar.

For a company that provides infrastructure, this is certainly not a problem, but for the stablecoin itself, this is almost fatal. Once it cannot enter the consumer end, cannot penetrate the consumption layer, and cannot form a demand for holding coins, its narrative will forever be locked in as a "financial backend tool" rather than a "widely usable digital currency." Without circulation scenarios, there will be no consensus; without consensus, there will be no value spillover for payment currency, and it will ultimately just be a settlement plugin serving Stripe and Shopify.

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