Stablecoin issuance is unbundling. Here’s the stack:
we’re moving right → left on the diagram
from “full stack” issuers (Tether, Circle) to plug-in roles: reserves, contract operator, distributor/brand.
the hard parts don’t disappear, specialization just productizes them
platforms like @m0 enable that shift, powering parts of the stack for @moonpay, Bridge (@Stablecoin), and @1MoneyNetwork
as the stack unbundles, value shifts to whoever re-bundles the full money workflow:
• KYC/KYB + on/off-ramps
• orchestration + payouts
• cards + lend/borrow
but most value accrues above that to the owner of distribution: the brand
so you end up with 3 pockets of value:
• specialists (reserves, contracts, rails, protocols)
• bundlers (one integration, workflow ownership)
• brands (demand lives at the interface)
bundler vs brand economics are negotiated:
early, startups are price takers
later, scale buys leverage
the flip is when distribution outweighs switching costs, and that looks different for every brand and their bundle
we’re moving right → left on the diagram
from “full stack” issuers (Tether, Circle) to plug-in roles: reserves, contract operator, distributor/brand.
the hard parts don’t disappear, specialization just productizes them
platforms like @m0 enable that shift, powering parts of the stack for @moonpay, Bridge (@Stablecoin), and @1MoneyNetwork
as the stack unbundles, value shifts to whoever re-bundles the full money workflow:
• KYC/KYB + on/off-ramps
• orchestration + payouts
• cards + lend/borrow
but most value accrues above that to the owner of distribution: the brand
so you end up with 3 pockets of value:
• specialists (reserves, contracts, rails, protocols)
• bundlers (one integration, workflow ownership)
• brands (demand lives at the interface)
bundler vs brand economics are negotiated:
early, startups are price takers
later, scale buys leverage
the flip is when distribution outweighs switching costs, and that looks different for every brand and their bundle
• • •
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