This week, the stablecoin competition revealed two clear fronts: a compliance race between nations and a battle for distribution dominance within the industry. Globally, stablecoins are being integrated into financial infrastructure, with countries like China, the US, Japan, and South Korea accelerating efforts to link their currencies with stablecoins. A Federal Reserve Governor explicitly listed stablecoins, smart contracts, and AI as the three pillars of payment innovation. At the industry...