Visa, Mastercard Aren't The Real Casualties In Citrini's AI-Stablecoin Scenario

Benzinga02-26 04:53

But a CEO building payment infrastructure for AI agents says the the piece got the direction right while misidentifying the primary casualties.Citrini’s Scenario Rattled MarketsCitrini Research’s over...

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By Monday’s open, the S&P 500 turned red and closed down more than 1%. Mastercard, Visa, American Express, and DoorDash Inc. (NYSE:DASH) each fell between 4% and 6%.Issuers, Not Networks, Are the Vulnerable Link“It’s also important to separate the networks from the issuers. Visa and Mastercard take only a small number of basis points. They pride themselves on being ‘technology companies,’ even if their original stakeholders were the issuing banks. Most of that 2–3% goes to issuers and other intermediaries. If fees compress, the greater pressure is likely on those players,” Amira said.Stablecoins Make the Math Real for AgentsAmira said the economic logic underpinning Citrini’s thesis is sound. “If AI agents are optimizing for cost and efficiency, they will naturally route transactions toward cheaper rails when possible. In machine-to-machine commerce, a 2–3% interchange fee is significant, especially when stablecoins can settle near-instantly at a fraction of the cost,” he said.On the broader business model shift, Amira said this will reshape transaction economics over time. When software controls transactions, it optimizes for efficiency, putting pressure on models built on friction and fees. Incumbents won't vanish overnight, but companies are already exploring stablecoins and alternative rails, because even a 1–2% savings can materially change the economics for low-margin businesses.Photo by JOURNEY STUDIO7 via ShutterstockThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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