STABLECOIN ISSUANCE IS UNBUNDLING, VALUE SHIFTS TO DISTRIBUTION

Summary from the TLDR Crypto newsletter

The stablecoin stack is fragmenting from full-stack issuers toward specialists (reserves, contracts, and onchain ops) and re-bundlers, but the biggest economic prize accrues to brands that own distribution because KYC/rails orchestration and payouts matter and scale buys leverage. Whoever re-bundles the money workflow will capture the most value.