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Stablecoin Issuance Seems Crowded, But the Real Moat Lies in the Buyers' Hands

Stablecoin issuance is becoming increasingly commoditized at the technical level, but true differentiation lies in the specific needs of different buyer segments. While token deployment and basic operations are now standardized, the market fragments into distinct clusters: enterprises prioritizing compliance and trust, fintechs and wallets focused on speed and distribution, and DeFi platforms valuing composability and yield optimization. For each segment, only a few issuers can deliver the required outcomes, making them non-interchangeable. Pricing power shifts toward value-added services like liquidity support, regulatory positioning, and integrated infrastructure (on-ramps, cards, accounts). Sustainable advantages may emerge from network effects around interoperability and shared liquidity, though it remains unclear whether value will accrue to issuer-controlled networks or neutral standards. Ultimately, the token itself is just the entry ticket—the real business is built around it.

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