stablecoin issuers are going vertical.

@Tether_to's ecosystem moves like @PlasmaFDN , @stable & @USDT0_to make it clear that they’re not planning to stop at issuing tokens, they’re planning to absorb the full onchain payments stack: infra, distribution, and settlement.

@circle is starting to do the same with bets like @codex_pbc, and their recent ipo gives them validation to institutions in the US.

this isn’t just going to be about market share anymore, it will be about who owns the default rails for stablecoin flow.

gonna be a wild few years, and i anticipate many others will rise up for battle.