There has been a prevailing view in the industry about whether stablecoins can shake up the traditional payment landscape—Visa, MasterCard, and other card networks often charge a 3% transaction fee, which is enough for new blockchain-based payment channels to take advantage of and ultimately disrupt the traditional system.

But is it really that straightforward?

Take Visa and MasterCard as examples. These card networks do indeed charge fees on each transaction, and the 3% figure is frequently mentioned. However, the actual distribution behind this rate is far more complex than it appears. The portion taken by the card network itself is actually a relatively small part of the entire fee pool. The remaining funds are distributed among issuing banks, acquiring banks, processors, and other intermediaries, each taking a cut.

From this perspective, the competitiveness of stablecoins and on-chain payments isn't solely about their "high fees," but rather about differences in overall operational models. Whether this difference can ultimately evolve into a market disruption depends on the development maturity of the ecosystem and user acceptance.