“More specifically on your question on rebate and incentives, what I'll share with you is in the second quarter, we expect for rebates and incentives as a percentage of our payment network assessments to be slightly lower sequentially as compared to the first quarter.”

In context

“u would say, do I want to -- if I have a relevant market share and I'm well positioned in the market, then I might have a different consideration as if this is a new geography and I really want to grow my business. So we also make these kind of judgments as we grow our global presence. Sachin Mehra: Yes. And just picking up on Michael's comments, look, I mean, at the end of the day, we have a rich pipeline. Our teams are super active in terms of winning the right kinds of deals, and we will continue to stay focused on that. The impact, obviously, will come through in terms of what you see on rebates and incentives. But again, we look at rebate and incentives, but we also look at overall net revenue yield for the company. And you can see the net revenue yield for the company is increasing. More specifically on your question on rebate and incentives, what I'll share with you is in the second quarter, we expect for rebates and incentives as a percentage of our payment network assessments to be slightly lower sequentially as compared to the first quarter. . Operator: Our next question comes from Matthew O'Neill from Bank of America. Unknown Analyst: Just curious, if you take a step back from a high level, how does Mastercard think about a stable coin transaction versus a local currency transaction from an economic contribution standpoint, in a future with a lot more stable coin utilization, is Mastercard kind of economically agnostic? Are there opportunities for accretion or the opposite? Michael Miebach: Right. So let me start on that. So generally, when you see where are most of the volumes today, there's a lot of on and off ramp opportunities. So we have these co-brand programs. And in that, you basically have card economics. So that's just as straightforward. So now in this space going forward, where we drive interoperability layers an”