"everyone launching stablecoins is just like when everyone launched L2s and they mostly failed"
No.
For a new chain to succeed it needs massive usage and tvl (see Bera making $250 a day), meanwhile it has fixed costs (RPC, explorer, lots of infra)
Stablecoin have much lower fixed costs thanks to @m0 and Liquity. And the business model is so much better you need a fraction of the traction to build a great business.
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