It's truly impressive how much infrastructure you inherit when building on the traditional fintech stack. A good BaaS API will give you accounts, ledgering, statement generation, card issuance, reconciliation, money movement, accounting integrations and even tax documents. A stablecoin native architecture built around programmable accounts does not yet give you the same finished operating layer so today you end up rebuilding many of those primitives yourself. In the short term that is definitely a disadvantage. You have to chew more glass just to reach the baseline that trad fintech gets out of the box. But it compounds and will become an advantage over time (if you can ship and assume that the legacy stack is the legacy stack). Stablecoin infrastructure providers will surely evolve and many of the things that are painful to build today will eventually become standardized primitives in the same way they have in BaaS. But companies building in the space now will have spent years understanding the architecture underneath those abstractions. They will own more of their infrastructure, understand the ledger and financial workflows at a much deeper level and will be way less dependent on third parties for capabilities that directly shape the customer experience. That makes the immaturity of stablecoin infrastructure both the tax you pay for building today and the reason you end up with the deepest technical advantage.