The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920
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Whoever the application is, whoever the company is that is owning that distribution, they're going to wanna have their own stablecoin because that is the easiest way for them to potentially own how economics are distributed.
Circle seems like the easiest short here over a long time horizon.
I bet you Paolo cares more about Bitcoin than he does Tether itself.
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Oh, hello. Hey, Rob.
Today's topic is all these stablecoins and stable chains. And we're just at the start of what looks like it's going to be some great stablecoin race. Obviously, Tether, Circle, and Athena have been sort of like the winners of the preliminaries, you could say. But after the passage of the Genius Act, The US' stablecoin law, it's pretty clear that now the real race is getting underway. We just saw Plasma just had its TGE too much fanfare. Stripe is getting a lot of buzz with its acquisitions, plus also its upcoming Tempo blockchain. Circle also just launched its own L1 Arc, and there's so many o
Yeah. I mean, I I think I've long been a believer in a lot of what what what Nick put out in that piece, which is that just the if you follow the incentives. Right? So I always think about the world based on what are people's incentives. And the incentives have been for a long period of time that people wanna do a couple of things. They wanna own the end customer and they all wanna own how economics are distributed. Right? And in both of those cases, that means that the whoever the application is, whoever the company is that is owning that distribution, they're going to wanna have their own st
Well, wait. And I'm sorry. So when when people reach that point of being like, are too many, you're saying it's not gonna switch back to what it is now. But like, do you have a sense of what that will look like at that point?
What you'll probably end up having is either one or two things. You'll end up having some sort of, like, you know, call it, like, clearing house, the way we see, you know, what happens in, like, traditional asset classes. Right? Where fully shared liquidity across not just the, you know, everything issued by Paxos, but everything issued by Paxos plus Agora plus MZero plus, you know, x y z. Right? Where somebody shared is sort of a middle air. I I don't think that is the optimal outcome, frankly. But I think it is people tend to that's kind of how the legacy payment system got built, which is t
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