Good summary. Def agree that you need distribution and it'll benefit incumbents. JPM has an internal settlement stablecoin that does crazy volume just for their customer accounts in different countries.

We're also likely to hit stablecoin saturation in the next few years. Many will launch them...some will get only modest distribution...and then consolidation. Opportunities for "cross-chain Curve" or "FX markets meets crypto" for sure.

Then there's the yield piece. Tether keeps all its yield. Cash cow. USDC pays it to Coinbase -> users. So how the yield is generated (t-bills, basis trade, etc) and how it's spent (revenue, user acq, dist, etc) will be interesting and will create opportunities.

But distribution is king for stablecoins for sure.

🏗️ crypto builder  |  
💼 @gigbot.eth  |  
🏒 TipShot.xyz  |  
💸 paymagic.xyz  |  
🌐 nf.td/corbin

The game is the same but stables bring down the friction in switching strategies ie swapping from one stable to another is easier than moving money from your Savings to High yield savings to CD ladder.

what to you makes stables a unique unlock for deploying underlying yield from cash?