Why hasn’t Cash App become a more dominant way of paying merchants? They have significant advantages: 57M MTUs and 4M merchants.

Why would USDC surpass it?

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Consumer habits require a lot of excess utility to break

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Hard to overcome the “2-3% back” message to consumers while also cutting the fees for merchants.

Credit card processing 3% is passed on to the consumer now everywhere I go. The cash back just gets me to break even

For a certain type of transaction, no fees and no cashback makes sense: 3% back on a coffee or lunch makes zero difference to me but not paying 2.5%+0.30 makes a huge difference to a coffee or lunch owner

“Crypto cards” could do the same thing though, no? Take 3% extra from the merchant and pass it on to the consumer. It’s an almost zero sum game where the credit card company takes a small competitive rate.

A bigger issue to solve I see is the actual credit. 30-days free credit is hugely useful to many people.