@jg

Been diving into stablecoins and the market is very fragmented. I've yet to see a startup that is vertically integrated and touches all aspects of issuance, p2p app, on/off ramp, card issuance, b2b, infra, and merchants acceptance. Its obviously not easy to do but just an observation - think theres an opportunity to own the whole stack - I think issuers (USDC/Tether) would have the competitive edge in doing so but they seem uninterested to uproot their existing business model that is clearly working. Curious if there are companies out there attempting to do so.

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