What a self-custody stablecoin card can't earn on

Overview

Spent last week digging into a few of the self-custody card programs after a friend at a stablecoin issuer asked why "our margins look nothing like Chime's." Wrote up what I found for our team, posting here because I don't see this discussed much outside the crypto side. A normal debit card program earns money from three main lines: interchange share (paid by the merchant's acquirer to the issuer), FX markup on cross-border transactions, and yield on customer balances sitti

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