How Mastercard, Stripe, Visa and Coinbase’s New Stablecoin Is Changing the Industry’s Economics

The first stablecoin race was straightforward. Customers exchanged dollars for tokens, the issuer invested the corresponding reserves primarily in highly liquid assets, and the interest generated on those reserves became revenue. Scale the circulating supply into the tens of billions of dollars, and stablecoin issuance began to resemble an extraordinarily efficient financial business.