Yes I think it will come with the next cycle. As more stablecoins get issued by fintech incumbents the market will get more competitive and stablecoins will be forced to pass along the yield they’re capturing to remain competitive.
Long term I think these institutions could cross into the systemically important territory
This checks the incentives and game theory boxes for me. The question IMO is, can they beat MMF or similar rates to attract the volume of capital to be systemically important.
"where does the yield come from?" - the ever important question!
Totoally. I think the architecture will enable lower admin costs and more competitive fee rates that will ultimately leads towards this.
