As stablecoins go from oiling the cogs of CeFi and DeFi markets to a true medium of exchange, value accrual will continue look a lot different Historically, issuers captured the majority of value as usage was downstream of liquidity and integrations However, in a world where the ultimate distributors of stablecoins are no longer exchanges, wallets, and DeFi protocols, but rather fintechs and payment apps, value will accrue to whoever owns the end customer Downstream of owning the end customer you own exclusive payment order flow. Not only does this enable you to monetize through a front-end fee, but more importantly, it opens up the option to route payment flow through your own stablecoin and your own rails This explain why (1) Bridge / Stripe is increasingly routing flow through their own stablecoin (USDB) and (2) why Stripe is launching their own L2 – why leak value to other issuers and chains when you own the end customer and their payment flow? This also explains why Circle launched CPN. It's their best attempt to expand into orchestration and also get closer to the end customer. Arc is the next logical evolution as it allows them to monetize these payment flows more effectively Value disproportionately accrues to whoever is closest to the end user and stablecoins will be no different