To truly be a new platform, stablecoin issuers need to have really good global banking connectivity and close the loops with existing rails (correspondent banking, SWIFT, PIX, SEPA, etc.). Treasury bills/BUIDL wrappers don't cut it. You need to go through the sweat and costs of building out connective tissue to global fiat rails which takes reg cap and licenses. The founder of one of the largest "decentralized stablecoins" recently said to me "you're not really a stablecoin unless you have a bank account." We're building AUSD to be the glue between the new rails and the legacy rails. Oh, and our on/off ramp costs are FREE. Even against USDC/USDT.