stablecoins

Been diving into stablecoins and the market is very fragmented. 

I've yet to see a startup that is vertically integrated and touches all aspects of issuance, p2p app, on/off ramp, card issuance, b2b, infra, and merchants acceptance. 

Its obviously not easy to do but just an observation - think theres an opportunity to own the whole stack - I think issuers (USDC/Tether)  would have the competitive edge in doing so but they seem uninterested to uproot their existing business model that is clearly working. 

Curious if there are companies out there attempting to do so.

an interesting feature of stablecoins is that they unbundle the cash mgmt and payment features of a bank

JPMC dollars are actually different from Citi dollars or Local Credit Union dollars and all have counter party risk, but we just think of them as dollars.

Banks don’t really think of deposit holders as customers, they think of them as part of the product (cheap funding for loans)

Enabling smaller innovators to create new cash mgmt and spend solutions on top of a large stablecoin issuer whose business is not loans hopefully results in better outcomes for consumers