Been seeing lots of stablecoin + emerging markets projects lately. The main question I have is TAM.

US/Europe/East Asia GDP is far bigger than the GDP of EM countries combined. You quickly hit a ceiling on growth in an EM, and expansion is difficult given each country's economy, laws, etc. are idiosyncratic.

Plus every successful crypto project is extremely power law whale heavy in usage, unlike going after low LTV users in EMs.

What am I missing here?