The Stablecoin Question Is Who Gets Paid

Stablecoins have transitioned from a speculative crypto asset to a vital component of global financial infrastructure, processing over $33 trillion in transactions in 2025. This shift signifies a new era focused on capturing value from the velocity of these digital dollars, rather than solely on market capitalization. Latin America, particularly Argentina and Brazil, serves as a blueprint for utility, with stablecoins used for everyday survival against inflation and currency volatility. A pyramid-like structure is emerging, with issuers like Tether, exchanges, and banks extracting revenue from stablecoin reuse, while regulators indirectly influence profit distribution. The author argues that incentives should be aligned to return earnings directly to users who drive this economic activity, as infrastructure is the ultimate goal, and the experiment is now over, with the business phase beginning.

(Source：Cointelegraph)