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@sytaylor said that the Stablecoin Power Law Has an Important Exception:
"If I look at Deel contractor payouts, they have DLUSD, and the user at the last mile is living inside that deal wallet just like they live inside a Felix wallet."
"When my user is captive in my app and I already have distribution, why would I not keep the yield in that scenario?"
"I think there is a viable use case for my own stablecoin where I can capture the yield."
"I do agree that if you have an ecosystem, then you make that token very valuable. But that can happen with very few players."
Distribution changes the economics. Once a user never leaves the app, the issuer keeps the float yield instead of passing it to a third-party stablecoin.
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