Circle, Tether and other issuers will be fine There's too much focus on developed market merchant acceptance but that's not where the pain is A bigger value prop is for merchants of digital goods/services online expanding customer base to EM buyers But the even bigger ones are: - dollar access in EM - Cross border B2B payments and treasury - payouts to EM - global expansion of financial services don't get caught up in developed markets merchant acceptance you'll miss the big picture