The 2026 launch of multiple bank-grade stablecoin acceptance products — and the continued growth of merchant settlement in USDC and EURC — has surfaced a question card networks have spent six decades answering: what happens when a customer disputes a payment that has already settled on an immutable rail? The MiCA regime's 2025 transitional period closed in January 2026, leaving Europe with a clearer set of obligations on e-money tokens but a still-unresolved consumer-recourse
