🤯🤯🤯 Stablecoin issuers made over $5B in revenue on Ethereum in 2025. Mostly dominated by Tether and Circle. No wonder why everyone has rushed into wanting to become a stablecoin issuer as of the last 12-18 months. Spoke to a founder of a highly regarded stablecoin infra company recently and he basically said the margins for launching a new stablecoin have completely compressed. Unless you have a surefire plan to get to $1-2B in outstanding supply quickly, the numbers just "aren't working" for most new companies trying to issue. We expect some consolidation in this area in 2026-2027.