Every conversation I have with a builder around the stablecoin + RWA space today revolves around how to own the end customer. There is very little belief that there is defensibility in infrastructure businesses anymore. Always the same concern whether its someone working on a blockchain, a wallet, issuing, orchestrating, or anything in between.

Seems clear that the whole value chain is being compressed and whoever has the best wedge product(s) and GTM will win.