EastPoint(@0xEastPoint):Our Official Research Partner @Xangle_official maps how stablecoin competition is shifting from issuance to distribution: issuance (opened up by the GENIUS Act) → distribution (platforms that own the users and use cases) → reserve income (shared to secure it). As a 1:1 dollar peg stops being a differentiator, reserve income turns from pure issuer profit into the cost of buying distribution, USDT, USDC, USDG, and PYUSD each pay for it in a different way.

EastPoint

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参加 April 2025

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EastPoint@0xEastPoint

2026.08.31 06:15

Our Official Research Partner @Xangle_official maps how stablecoin competition is shifting from issuance to distribution: issuance (opened up by the GENIUS Act) → distribution (platforms that own the users and use cases) → reserve income (shared to secure it). As a 1:1 dollar peg stops being a differentiator, reserve income turns from pure issuer profit into the cost of buying distribution, USDT, USDC, USDG, and PYUSD each pay for it in a different way.