The stablecoin duopoly is ending
@nic__carterI used to think network effects would win out, and we'd end up with just one or two stables, but I don't believe that anymore. Cross chain swaps are getting more efficient by the day, as is intra-chain inter-stablecoin swapping. In a year or two, I think many intermediaries in crypto will just show your deposits as generic "dollars" or "dollar tokens" (rather than USDC or USDT) and they'll guarantee you redeemability in a stablecoin of your choice.
Already we are seeing this with a lot of the fintechs and neobanks that are product rather than crypto first. They care most about UX and would rather offer clients the best experience instead of honoring crypto traditions. So they just show your balance in USD and manage the reserves on the back end.