OpenPasskey

The next card scheme won't be built by Visa. It will be built on-chain.

Banning surcharges doesn't cut costs. It just moves them. Merchants will raise base prices to cover card fees. Banks and Visa keep earning the same money. The only difference: now cash users subsidise card users, and merchants take the blame for price increases instead of the networks that charge the fees. The government went after the party with the least voice instead of the ones collecting the rent.

New Dune x Visa report on local currency stablecoins: 30x holder growth in 3 years 80% of non-EURC activity is payments, not DeFi The winning pattern? Invisible settlement. User taps, stablecoin settles, merchant gets local currency. This is exactly what we're building at @OpenPasskey. Same tap runs loyalty, store card, and stablecoin payments.

cc @jessepollak

We built a stablecoin POS terminal that settles directly on-chain @base . No payment processor. No server in the critical path. Two ways to pay: 📱 Scan: ERC-681 QR, any EVM wallet 💳 Tap: EMV contactless HCE today, NFC SE and EMV cards coming (6690 8200 xxxx xxxx), P-256 verified on-chain Same vault. Same settlement. Whichever arrives first wins. Same-day AUD to merchant bank account. Launching first in Australia with AUDM from @Macropod_AU , real AUD-backed stablecoins, real merchants, real receipts.

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The Nilson Report just dropped: $11.5 TRILLION in card purchase volume in the US alone in 2025. Meanwhile, Visa launched a Stablecoins Advisory Practice. 11 European banks are building a euro stablecoin. Cross River is prototyping real-time stablecoin POS. The incumbents see what's coming. They're hedging. But advisory practices don't replace infrastructure. Consulting decks don't process transactions. Someone has to build the new rails. The terminal. The card. The network. That's what we're doing at @OpenPasskey. 21 cafes. 29,000+ taps. A$40K+ in volume. Zero consumer acquisition cost. Not Visa. A new card network. 🔗 youtu.be/i5_zGRI6s70

This isn't "AI will replace jobs" doomer talk. It's: if you're a founder in 2026 and your biggest line item is still headcount, you're playing last decade's game.

5/That's why we built @OpenPasskey to work from day one. No app download. No staff training. Just loyalty that runs. Your regulars ARE your business. Are you treating them that way?

4/The real problem: existing loyalty tools were built for chains with marketing teams. A solo cafe owner pulling shots at 6am doesn't have time for complex campaigns.

1/Most cafe owners think their problem is foot traffic. It's not. It's repeat visits. A cafe with 200 daily customers at 40% return rate will always beat one with 500 at 10%. Always.

This is exactly why we built @OpenPasskey Payment rails shouldn’t be a geopolitical dependency. We’re building merchant-first, on-chain payment infrastructure that doesn’t rely on Visa or Mastercard. NFC tap-to-pay, stablecoin settlement, no card network in the middle. The shift is happening.

3/We're building for the shift. OpenPasskey: NFC tap at the counter. No card, no app download. Loyalty tokens earned onchain, settled on Base. Stablecoin payments next. 22 cafes live in Sydney. 2,285 users. 25,500+ transactions. Zero cards involved. The next card scheme won't be a card.

2/What's actually happening: the form factor is shifting from plastic to phone, and the rails are shifting from card networks to onchain. But the industry keeps measuring the old thing because that's where the revenue still sits.

1/The Nilson Report just projected 32.62 billion payment cards in circulation by 2030. But buried in the same issue: Ingenico now supports stablecoin checkout at POS. Worldline is building AI agent payment rails. Visa and Apple are provisioning credentials directly to phone wallets. The card is dying. The card count isn't.

Spot on breakdown, Pavel, most of these "no-KYC unlimited" crypto cards are just gift-card wrappers or gray-area proxies dressed up as innovation. They collapse under Visa/MC pressure or fraud the moment volume appears. Compliance isn't optional; it's table stakes for anything durable. That said: even compliant Visa/MC crypto cards are a temporary bridge. Renting someone else's legacy rails (with 1-3% interchange tax + KYC friction) keeps us trapped in the old system. Real progress = building sovereign networks that don't beg for permission. That's the path @OpenPasskey and @WalletConnect Pay are on. 🚀

Every crypto Visa card is just paying Visa to exist. Crypto needs its own card scheme. We're building it. 25K+ taps, 23 merchants, on-chain rails. No bank in the loop.