Alex Thorn on why stablecoin issuer economics are quietly eroding
Coinbase makes more on USDC than Circle does, and their name being on this consortium is telling. The bigger signal is that keeping all the rewards as the issuer is going to trend lower, a race to the bottom for competitive reasons. Coinbase already signaled in the Clarity Act fight that it would give up stablecoin economics just to acquire customers.
#Stablecoins #Coinbase #Circle #USDC #Crypto
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