How Mastercard, Stripe, Visa and Coinbase’s New Stablecoin Is Changing the Industry’s Economics

事實（只放可查證的）

• The first stablecoin race was straightforward. Accumulate supply. Customers exchanged dollars for tokens, the issuer invested the corresponding reserves primarily in highly liquid assets, and the interest generated on those reserves became revenue. Scale the circulating supply into the tens of billi