How the Competition Will Play Out in the Great Stablecoin Race - Ep. 936 – Unchained

How the Competition Will Play Out in the Great Stablecoin Race - Ep. 936 – Unchained — Transcript

Market views

Bullish

STABLES— Massive institutional interest in stablecoins with every boardroom and public shareholder discussing them, representing a major market trend
CODEX— Strong bullish conviction on Codex as an L2 payment chain solution, with Dragonfly as an investor
ATHENA— High conviction in Athena based on founder quality being the best in DeFi, despite recent market cap decline
LAYERTWO— L2s will dominate payments due to tight connection with Ethereum consensus, offering better capital efficiency and settlement speed
FINTECH— Trend of FinTechs and exchanges coming on-chain, with Base and Coinbase as examples of how the market will evolve
USDT— Tether's massive profitability of $15 billion net profit annually creates a war chest for competitive advantage and acquisitions
XRP— Ripple's war chest and aggressive M&A strategy in stablecoins makes them hard to bet against

Bearish

WHITELABEL— White-label stablecoin adoption facing significant challenges with aligning incentives across ecosystems, as observed post-Hyperliquid situation
BANKS— Stablecoins fundamentally threaten banks' business model by eliminating their ability to profit from deposit spreads through permissionless DeFi infrastructure

Not investment advice.