What did it cost to move $USDT between chains?
On
@TokenizedPod,
@PrimordialAA put it at 6 to 12 bps, if a path existed at all.
Often it didn't, so issuers sent funds to a centralized exchange, waited, and withdrew on the other side.
For an issuer, every one of those steps is a market their stablecoin can't reach as easily.