The channel tax: stablecoin profit flows not to whoever prints it but to whoever owns the user. Circle's distribution costs vs Tether's landlord position.

Stablecoins die five ways — liquidity exhaustion, collateral collapse, reflexive algos, oracle/bridge, regulatory seizure — each with a real corpse, plus how to do the autopsy on-chain.

We believe that it’s time to build onchain. The tools have been maturing over the last decade, but with low-cost chains, globally adopted stablecoins, easy-to-use wallets, and growing consumer adoption, the infrastructure is finally ready. And we are already seeing a number of large trends that have huge opportunity for builders around the world.