STABLECOIN ISSUANCE IS GETTING COMMODITIZED

Summary from the TLDR Crypto newsletter

Stablecoin issuance is shifting from a bespoke, high-margin business to a cheap, white-label commodity offered by platforms like Circle, Brale, M0, Bridge, Paxos, and Agora. As costs fall and issuers share more of the T-bill yield with partners, launching your own branded stablecoin becomes easy and primarily about owning the customer relationship, payment rail, and interest income. Commoditization of issuance pushes competition up the stack as products will increasingly differentiate on UX, distribution, regulation, and niche use cases.