Understanding the Business of Tether & Circle, and Why DeFi’s Stables Product Are Mostly Unclear

> USDT’s product is moving money easier and more safely than local options. 

> USDC’s product is being paid more for holding uninsured deposits. 

> DeFi stables compete with investment products

> USDC, USDG, et al compete primarily upon yield which is also a major problem of DeFi’s stables too.

> Someone with better margins can steal this business.

> “If no one wants to hold or use your stablecoin unless you’re paying them a ton of money, you’ve misunderstood what the product is.”