Very insightful thread on the post-GENUIS stablecoin world! Looking ahead, money markets and debt layers around these new stables will be interesting to watch as debt is how value multiplies For USDC or USDT, the core demand is trading, so borrowing demand (and thus yield) is largely driven by leverage needs in trading. But for something like a Walmart or Amazon stablecoin, I can imagine borrowing demand coming from consumers using BNPL or suppliers seeking early liquidity on receivables. Imagine depositing your WAL-USD to underwrite that economy and earn yield—not from the T-Bills backing it, but from the real economic activity around Walmart’s supply chain. Each stablecoin's vault will carry their ecosystem's risk and velocity of capital multiplication. The underlying hub layer, M or AUSD, then will also have a money market on top of it since it can be easily converted to any of the stables issued on top of them. I can also imagine established Co using their own stock / assets as collateral to issue their own fixed-yield bond that's bought by their stablecoins. This part might be more complex on the regulation side but there could be reg arbs available in the next 3 yrs.