Stablecoin as a service: the most disruptive trend in stablecoins today Using the 5 chains in the chart below just as an example, over $1.1bn is paid out in yield annually across those chains to a combination of Circle and Tether That amount paid out is ~40% higher than the fees earned by those 5 chains on an annualized basis were chains to launch their own whitelabel stablecoin and internalize yields, most chains would over 2x their revenue in an instant stablecoins can easily become the biggest revenue drivers for most chains and apps That $1.1bn can go towards user rewards, token buybacks, defi incentives or wherever the chain sees fit - each option being more value accretive to the ecosystem/chain vs paying out 100% to issuers the USDH proposal marked a pivotal shift in the power dynamic between issuers and chains with many more options available today for chains/apps to internalize yields. its becoming clear that stablecoin as a service is the most disruptive trend in the stablecoin market for some time Ethena is uniquely positioned for stablecoin as a service: 1/ Scale/Track Record Not many issuers have a track record of managing stablecoins in the multi billions of size. Outside of Tether and Circle, the only issuers left at multi billion dollar scale are Ethena and Sky. Chains want to be working with partners who are used to issuing stablecoins at size, particularly those chains with mature ecosystems already. Ethena has handled over $25bn of mint/redeem flows to date with no depegs 2/ Product Optionality Ethena is one of the only issuers that can provide optionality across products most chains may start with USDtb as the fiat backed stablecoin at approx T-Bill yields ; and some will opt for the higher reward profile of USDe over time. not many issuers, if any, offer that flexibility for chains/apps to shift between products with different reward profiles. this could be particulaly useful in an environment where interest rates are cut and the spread between interest rates and funding rates widens The $1.1bn of yield paid out earlier assumes T-Bill yields of 4% - that amount could potentially double if USDe is used, with an APY of 13% since inception its been great to see two top ecosystems like @SuiNetwork and @megaeth_labs move so quick to come to the same conclusion - should be interesting to see who else follows suit in the coming weeks