Prediction: in the endgame, you will not see the ticker on stablecoins at all. You will not have USDC or USDT; you will just have USD. Hyperliquid and the USDH ordeal have done the entire space a big service. If you're seeing all these issuers compete with each other down to zero, why shouldn't they do the same for other protocols with users? (Yes, I am aware that most large companies do negotiate a part of the yield to be returned to them behind the scenes, but even those companies are missing out on a ton of revenue because they have no collective bargaining power in this way) With proper regulation in progress now, there is no reason the apps that do the work of attracting users in the first place should be getting cut out. You could argue that in the past, this was OK because there were really not many trusted stable issuers, and you'd have no idea how legit they were — this is not the case anymore. I suspect this is why they're all starting to do payment-specific chains, because everyone knows these margins need to compress (and rate cuts are coming). Everyone with distribution should be demanding more from the issuers, and I expect many of them to start releasing their own stables. But this creates a new problem: fragmentation of liquidity. There are a few ways to solve this: i) An ecosystem "aligned" stablecoin that does a pretty good job for most people (let's say 50% back to app, 40% to buy/burn, and 10% back to the company) ii) Some stable liquidity layer with M0, where a bunch of apps issue their own stablecoin, but the liquidity is unified iii) The above two combined with the new payment chains generating new income leads to roughly 0 margin from the existing issuers (since they make enough revenue from their chains in theory), and they still dominate iv) The idea of the stablecoin ticker gets abstracted altogether The second option probably ends up being similar to Sanctum with LSTs on Solana, where there's a bunch of LSTs, but really 2-3 dominate everything. I suspect i) and iii) are more likely to succeed in the intermediate term since money is a network effect business. Which leads me to think the eventual endgame is that you don't see the ticker at all. The apps will just display "USD" instead of USDC, USDT, or USDX, and they will swap everything in the backend via a standardized interface. This is because it's the optimal solution for the apps in a commoditized market, and it ends up becoming mostly a technology problem via interfaces and liquidity. And if it's the optimal solution, then people will compete and iterate to get there. The takeaway for today is that if you're an app with distribution, you should be pushing aggressively to get the best deal you can get for yourself now that the floodgates are open. You should also look to abstract the USD ticker on the frontend to get the issuers to compete while commoditizing themselves.