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According to Odaily, AllianceDAO co-founder QwQiao expressed on the X platform that the belief that stablecoins and new payment systems could replace traditional card networks like Visa and Mastercard overlooks the fee distribution structure. In a $100 transaction with a $3 fee, approximately $1.8 is returned to consumers as cashback or points, $0.45 goes to the issuing bank, $0.6 to the acquiring bank, and only about $0.15 is retained by the card network. QwQiao highlighted that this structure creates a stable incentive relationship among consumers, banks, and card organizations within the same network. The costs are primarily borne by merchants, who have relatively weaker bargaining power, which is a key reason for the sustained scale effect of traditional card payment networks.