There’s a compelling yet underexplored opportunity for stablecoin startups taking a vertical-specific approach While stablecoins in isolation offer superior unit economics — lower costs, faster settlement, programmability — most payment flows are embedded within nuanced operational workflows that vary dramatically across industries Trade finance is the most obvious example imo. While the payment itself is quite straightforward, there are vertical-specific nuances from bills of lading to certificates of origin to regulatory heterogeneity across geographies etc Vertical-specific stabelcoin solutions that use the improved unit economics of stablecoins as a wedge to build a broader full-stack solution that integrates with and abstracts these operational workflows present an interesting opportunity It’s also possible that, as stablecoin payments infra gets increasingly commoditized, verticalized approaches are best positioned to capture value as they build moats around (1) tailoring to the nuances of a specific industry and (2) owning more of the operational stack