STABLECOINS ARE SPEEDRUNNING COMMODITIZATION

Summary from the TLDR Crypto newsletter

Stablecoins are rapidly becoming commoditized utilities as issuers compete to distribute yield to users and incentivize partners. Leading players like Tether—backed by deep liquidity—are expected to pass on yields as competitive pressure increases. Meanwhile, payment-optimized chains will generate returns through validator fees and custom protocols. Over time, apps and exchanges will abstract stablecoins under a “USD” label, auto-routing funds to the best-yielding source. As platforms evolve into full-service payment providers, they are expected to internalize margins and capture more global payment volume.