flâneur

Simon on X: "Apps and Chains, Not Issuers: The Next Wave of Stablecoin Economics Belongs to DeFi" / X

x.com · 3,030 words · saved by 1 readers

To view keyboard shortcuts, press question mark View keyboard shortcuts Messages Article Reply See new posts Conversation Simon @simononchain Apps and Chains, Not Issuers: The Next Wave of Stablecoin Economics Belongs to DeFi 30 62 314 70K Excerpt from my full Delphi report: Apps and Chains, Not Issuers Tether and Circle's Moat Is Eroding: Distribution Beats Network Effects Incumbent market share held by Tether and Circle has likely peaked on a relative basis, even as aggregate stablecoin supply continues to grow. While total market cap will likely surpass $1 trillion by 2027, that expansion won't accrue to incumbents at the same rate it did in the past cycle. Instead, a growing share will flow to ecosystem native stablecoins and white label issuance strategies as chains and applications move to internalize yield and distribution. Today, Tether and Circle account for roughly 85% of circulating stablecoin supply, or about $265 billion. For context: Tether is reportedly raising $20 billi

Excerpt from my full Delphi report: Apps and Chains, Not Issuers Tether and Circle's Moat Is Eroding: Distribution Beats Network Effects Incumbent market share held by Tether and Circle has likely peaked on a relative basis, even as aggregate stablecoin supply continues to grow. While total market cap will likely surpass $1 trillion by 2027, that expansion won't accrue to incumbents at the same rate it did in the past cycle. Instead, a growing share will flow to ecosystem native stablecoins and white label issuance strategies as chains and applications move to internalize yield and…

related reading