Stablecoins have the potential to significantly increase competition in payments and financial services, although achieving this is not certain. Success hinges on fostering a diverse ecosystem with multiple issuers and ensuring true interoperability among stablecoins to prevent them from becoming closed networks. Once regulatory uncertainty is resolved, much of the current stablecoin issuance business will be commoditized, and existing issuers will have to directly compete with the banks and fin
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