Bank time vs internet time: what stablecoins sell cross-border isn't "faster" — it's turning "waiting" into "verifying." The saved time becomes three new costs.

Issuing a stablecoin isn't a money printer — it's a regulated bank you have to run. 99% of teams should stop at "integrate." Circle pays Coinbase 6x its own net profit; Tether nets $1.04B — the difference is distribution. White-label (SCaaS) has matured and USDG's consortium lets distributors collect the channel tax themselves. A decision tree: issue vs. white-label vs. integrate.