Too many conversations about stablecoin adoption focus on narrow benefits: lower fees, faster settlement, etc. But payments are multiplayer games. Every transaction touches two or more of: users, banks, processors, issuers, liquidity providers... In many flows, like e-commerce or cross-border, multiple parties must adopt together. There’s no clean first mover. It’s a classic chicken-and-egg problem. Each stakeholder weighs perceived upside against real switching costs: operational burden, lost revenue (float, FX, interchange), retraining, and the mental inertia of behavior change, especially inside large organizations. This creates a coordination and sequencing problem. Even if the tech is “better,” adoption stalls unless incentives align across the value chain. Stablecoins’ disruptive potential can only be realized if the incentive design solves the multi-party coordination challenge. Smart builders look for wedges. Use cases where a single stakeholder with the most to gain can adopt unilaterally. Then they stitch together secondary use cases to build network effects. Once a network hits critical mass, it's very hard to dislodge. Example: Dollar access in the global south. A user downloads an app and solves their pain point. If their friend does too, P2P is unlocked. If not, it’s just one more node to recruit. This is also why stablecoin-backed cards will grow faster than direct merchant acceptance. The spending user acts alone, and instantly gets access to millions of merchants. As Charlie Munger said: “Show me the incentive, and I’ll show you the outcome.” Founders who design around incentives, not just tech, will have the edge.

Coinbase joins Robinhood and Kraken Crypto and stocks, same app Everyone’s bringing everything onchain But read the fine print: on their chain. It makes sense for shareholders But fragments liquidity and hurts UX Tokenization is happening Just not how we imagined

1/ Today we announced a number of updates for how Visa is using stablecoins to enable onchain settlement across our network. 👇🏼

Western Union contemplating opening up its payment network (+200 countries and >380k retail locations) to become a global stablecoin <-> fiat on and offramp Their "phone has been ringing since Circle went public" and currently running proof of concepts in South America and Africa Dropping full plans on Nov 6th and excerpt from earnings below

the economist with a positive take on stablecoins i must be dreaming

The adoption story no one expected: • GENIUS is dominating the media cycle • Circle’s public valuation is impossible for CEOs to ignore = Adoption is now top-down (Not just bottom-up by users) User necessity x boardroom mandate Adoption will be faster than anyone expects

🇺🇸 @MiebachMichael/@Mastercard, @Brian_Armstrong/@Coinbase, @BHorowitz/@a16z, @PaoloArdoino/@Tether_to, @DavidLRipley/@KrakenFX, @Tyler & @Cameron/@Gemini, @jerallaire/@Circle, and @vladtenev/@RobinhoodApp all agree: Trump signing the GENIUS Act is huge for crypto and finance.

In 10 years, when they ask ‘Where were you during the financial revolution?’ What will you say?

Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. Thanks to President Trump’s visionary leadership, and @SenatorHagerty's important work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.