Rashad was kind enough to send this to me so I didn't miss it (you have no idea how bad the information firehose is right now - @ZKZeroKnowledge is literally working on productizing our trend analysis and market transformation research because of it). Some thoughts for everyone: 1 - We need more research that actually looks at the facts on the ground, so I think what @VARshad_ and @i_aldasoro are doing here is very valuable. Less hype, more facts. 2 - I find the market reaction to be a sign that the information conduit there is not working. Community banks likely have more to gain from stablecoins if they take the right actions; crypto is a fundamentally de-centralizing technology, and if someone like @circle or @tether works with the community banks to allocate deposits across their US footprint, you will reverse the trend of deposit concentration in the big banks and you will decentralize power in the banking system. A mental model that might be helpful is to think of stablecoins as crossroads. Customers come in on the front end, they allocate reserves on the back end. The questions people should be asking, based on that framework, are who faces the customers and how is the allocation done... Also implies a big competition to become that crossroads is coming.