What about a scenario where it is just USDC? Adyen does not have their own, and I go to the Nike store with my Visa card and pay with my USDC. The costs associated with a stablecoin transaction are much lower than the merchant discount rate of 2%, let's say. In that scenario, what happens to Adyen's take?

That is why I do not think stablecoins will affect that ecosystem that much, because payment processing is no longer the money-making portion. If you look at volume growth and margins—it is in the low 20s for Adyen and most of them—it is growing stable as volume grows and as merchants grow. But the 10x is in the platform, capital, issuing and all those financial services, the unified commerce. That is where you can still capture quite a lot of margin. POS setup is also another one, which is a very complex beast, but still has quite some margin.

Some things you can measure really easily, like the percentage you have to pay on every payment processed. Stripe looks cheaper, therefore we should go with Stripe. Why aren't customers taking into account the other benefits that Adyen can provide that make it actually even more attractive economically, even if it appears on the surface to be more expensive? Why isn't that pitch more successful? Or is it even true?

There is some winning to be done on uplift, but sometimes, especially if you are in mid-market where a lot of the competition is now, maybe you don't have that insight to know. Maybe I know my processing volume, but I don't have a lot of extra details where I can say "0.1% uplift in this thing or that thing actually makes the difference," and I can compare very easily. A lot of even mid-market and bigger enterprises look at it and say "I just need payments, and maybe I need a faster payout to everything, but then I don't need a banking account or card and I don't have a shop." That is the reality and why you see who wins where.