I know I keep talking about GENIUS, but it significantly increased competition in the stablecoin market.
- NIM will shift from mostly accruing to issuers to the companies driving distribution and volume.
- Mint/burn fees go away, leading to 1:1 interoperability between onchain and fiat dollars.
- New natively issued stablecoins that pursue a multichain strategy from Day 1 will force incumbents to reconsider network integration fees and long timelines or risk losing market share.
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Few thoughts on OUSD
- The 140+ initial partners have a **massive** amount of distribution outside of crypto. (And that's 9,730 potential B2B stablecoin payment flows.)
- OUSD brings together some of the largest payments companies and Tier 1 crypto exchanges, giving it best-in-class global on/off ramps from Day 1. On/off ramp support is make or break for making a stablecoin a viable payment rail.
- Default shared economics create a much stronger incentive for traditional companies to upgrade their payments infrastructure to stablecoins.
- None of this would be possible without GENIUS. Turns out regulatory clarity gives enterprises confidence to make long-term investments in new infrastructure.
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