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The ‘stablecoin sandwich’ is dead: Why the next phase of crypto payments is all about the user relationship

The ‘stablecoin sandwich’ is dead: Why the next phase of crypto payments is all about the user relationship

2026-03-01

The real competitive advantage in stablecoins, the moat that holds competitors at bay, now lies in the distribution held by incumbents, according to the person behind Meta’s abandoned Diem token.

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