But much of what we ascribe to crypto is just geography of users. A crypto user in Argentina or Bangladesh just wants dollars. A fintech w access to money transmission rails in those countries would also do well.

Demand is from the geography, not the technology.

There is a major misunderstanding about what the actual product is when it comes to stablecoins - particularly amongst DeFi stablecoin teams and investors.

They fundamentally misunderstand the business of Tether and Circle, which is why they can’t compete with either

PaperImperium

https://x.com/ImperiumPaper/status/1939325875918450831