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@nic__carter What is stopping circle and tether from establishing other products that pass through yield? Solid article.

@DannyGattas Circle does it. Tether so far has resisted. Eventually they will be forced to IMO

@nic__carter That’s a lot of words to say you’re short $circle 😂

@gregoireljda i don't want to get in trouble but yeah i do have questions about where the stock is trading

@nic__carter Fuck all groypers. That includes you?

@nic__carter FKK tether and the bitcoin maxitards

@nic__carter If you consider the risks behind a co. like Tether for a heartbeat or 2… How do you not run screaming from this entire space?😱

@nic__carter Monopolies and duopolies often exist or are created because of government assistance/intervention.For instance, this was quite evident in SG at Token having to use the only rideshare in Grab Unless a government anoints a stablecoin to be the sole issuer in a jurisdiction, the

@nic__carter So what’s the bull case for investing in stablecoin issuers? If they all compete on yield, where do they monetize? Where does the profit come from?

@nic__carter Have also to see how eventual interest rates cuts will hurt these stablecoin issuers.

@nic__carter "newer startups will be able to undercut the major issuers on yield and create a race to the bottom (or realistically, the top) phenomenon. This actually could benefit *those with scale*" may be the other way around... think origins of YouTube / Vloggers more and fintech less.

@nic__carter Well written. Concise yet incredibly coherent for those invested in this world but still further behind the curve than they would like about many of the details behind the curtain.

@nic__carter TLDR; duopoly isn’t being dethroned, it’s being disintermediated.

@nic__carter @grok summarize this long ass post

@nic__carter why is paolo so confident tether remains on top? if you hear him talk, he is almost taunting the competition to bring it on

@nic__carter Insightful article. For FI to issue their stables, they'd deal with cost of moving between their own stables to other stables like USDT/C for last mile settlement still applies and they'd need a market or liquidity provder thats willing to accept their stables.

@nic__carter Can you (or anyone on this thread) answer the question about KYC as it pertains to banks stablecoins? For example right now anyone living in some remote place could theoretically buy USDT ... but could this same person buy 'JPM USD stable coin' ? If so ... wouldnt this bring

@nic__carter Nic, Tether isn’t competing in the same market — they’re actively building infrastructure in emerging markets, where yield doesn’t matter, but protection does.

@nic__carter Great piece. I do think there is a higher credibility wall to climb for the new kids even when added to trusted brands, but agree overall. I need a crypto only filter for your feed, cause I get a ton of value from content like this & annoyance for your political content.

@nic__carter Great post! What do you think will be a bull case for any stablecoin that will have the majority marketshare in 10-20 years if banks create a consortium stablecoin/ stick to displaying generic dollars and integrate blockchains to abstract away costs? (That is there wouldn't be

@nic__carter Solid analysis. You are not wrong with it. There will be a maturation of the stablecoin space from the perspectives of issuers, markets, and technology. What we see now is probably the v1.0 of stablecoins and we see the early signs of v1.5 (USDe, HyperUSD and Phantom). There

@nic__carter The flood gates will eventually flow from stables into higher yielding yet relatively safe lending products like defi lending, trad corporate bonds, private equity/lending funds, etc. Why hold stables at 4% when you can earn 8% in an insured defi pool where the yield is backed by

@nic__carter This is a really great analysis of the market. "But do stablecoins actually benefit from network effects?" is a really lucid long-term question Phantom Cash is part of a very interesting paradigm shift - why should users even care what stable is used on the back-end? I think

@nic__carter > There are now clearinghouses to facilitate stable-stable transactions regardless of originating and destination stablecoin or blockchain. What are you referring to here?

@nic__carter Super insightful!

@nic__carter what will be the process to migrate liquidity from existing stablecoins to white label stablecoins? similar idea to difficulties tied to getting users to migrate from an app on an L1 to an appchain

@nic__carter Very true bud

@nic__carter @WClementeIII banks won’t issues their own, market isn’t pricing stablecoins in their true form: saas

@nic__carter Wow excellent analysis. Yep competition as always been a race to low margin but actually beneficial for users in the end.🫡

@nic__carter "Tether – is tight spreads against major FX pairs on hundreds of exchanges globally" Hardly CT discusses this but i think its moat

@nic__carter Surprising that an SEC in evil clown mode for 4 years didn’t make the slightest dent in USD stablecoin dominance.

@nic__carter A memorably well informed report

@nic__carter Can't imagine why someone would use a more localized stable instead, though. Breath of use is a benefit for the incumbants.

@nic__carter Do the existing integrations in defi etc help create some kind of moat for $usdc and $usdt?

@nic__carter great article