HOW STABLECOINS CAPTURE VALUE ACROSS THE STACK

Summary from the TLDR Crypto newsletter

Stablecoins create value through a four-layer stack: issuers like Tether sit at the base, earning billions annually from Treasury yields, while chains like Ethereum and Tron capture fees from stablecoin transfers. Further up the stack, DeFi infrastructure (Curve, Aave, and Uniswap) enables swaps and yield strategies, and B2B/B2C apps monetize stablecoin utility through payments, wallets, and invoicing. While the top layer offers the most room for innovation, value flows upward from the foundational layer of issuer-controlled assets.