@d

This week I’ve had two conversations on stablecoin fintech, value accrual, and competitive dynamics The dilemma: invest at the infra/orchestration layer, or the app layer? Infra: The competitive space is larger and moats are hard, incumbents are solidifying. Switching costs is the moat, but I know a team that is switching from Bridge to another new provider who has lower costs and same features App: Distribution is key. Finding user acquisition channels at scale is going to be the way to win a localized market, similar to the way there was a Doordash for every country Our take: Bet on the best founders always, but app layer is our bread and butter

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