the stablecoin industry just crossed $300b supply and $33T in annual volume.

there are exactly 4 ways to make money in stablecoins:
yield. transfer fees. fx. adjacent services.

only one of them is printing obscene profits right now and almost nobody analyzing where does the money actually go?

understanding this tells you everything about where this market is heading.

here’s my business case analysis👇

1. the yield business is the most obscene profit engine in modern finance.
2. transfer fees are a trap and the data proves it.
3. apps are the most underappreciated insight in this entire space as they are capturing a disproportionate share of revenue and its not protocols or the chains.
4. the yield wars are already happening and most people haven’t priced in what comes next.
5. the token price dispersion means the market is waking up

https://x.com/arndxt_xo/status/2056613121348055070

https://threadingontheedge.substack.com/p/where-the-stablecoin-money-really