Is Stablecoin Issuance being Commoditized? Reserve management, accounting, compliance, and more are becoming standardized infrastructure anyone can spin up. Stablecoin issuance is commoditizing the same way as rollups, sequencing, and data availability. On one side you have Circle with massive distribution networks and strong regulatory positioning. On the other side you have a growing class of companies productizing issuance itself. @withAUSD is a stablecoin infrastructure provider offering AUSD, backed 1:1 by cash, short-term U.S. Treasuries and repurchase agreements. Agora allows firms to issue branded stablecoins quickly and plug into global liquidity, compliance, and onchain rails. @Stablecoin is a fully reserved cash and T-bill based stablecoin issuer for emerging fintechs with realtime solvency proof and multichain deployment. Recently, Klarna used Bridge to deploy its own KlarnaUSD stablecoin. @brale_xyz is building developer first infrastructure with white label issuance and easy API integration. They emphasize multichain support, issuing natively on over 20 different blockchains today. @m0 is a universal stablecoin platform for issuing custom stablecoins. Treasury yield earned is passed through to approved “earners”, or smart contracts that hold the underlying token. Each is carving out a niche. But if issuance becomes fully commoditized, distribution wins. The commercial value ultimately migrates toward whoever can make stablecoins the path of least resistance for real world flows.