THE ENDGAME FOR STABLECOINS

Summary from the TLDR Crypto newsletter

A future with 1,000 stablecoins will resemble today's banking system, where users treat dollars from different banks as interchangeable because clearing networks like ACH, Fedwire, Visa, and Mastercard reconcile private monies behind the scenes. Stablecoin fungibility won't come from regulation like the GENIUS Act, but from onchain interoperability layers that abstract issuers away. Projects like M0, Paxos, and Anchorage show intra-issuer interop, while Ubyx is testing cross-issuer clearing. Once users can transact seamlessly across stablecoins, the issuer fades into the background.