IntroductionStablecoins have become one of the most widely used financial instruments. They are used for trading, payments, savings, lending and collateral across nearly every product category. Despite this adoption, the economic model for most stablecoins remains highly centralized. Large issuers such as Circle and Tether capture the full revenue generated by the underlying backing, while products that own distribution, retain users, and build demand receive none of it. Protocols handle user...

IntroductionStablecoins have become one of the most widely used financial instruments. They are used for trading, payments, savings, lending and collateral across nearly every product category. Despite this adoption, the economic model for most stablecoins remains highly centralized. Large issuers such as Circle and Tether capture the full revenue generated by the underlying backing, while products that own distribution, retain users, and build demand receive none of it. Protocols handle user...