Stablecoins were the “aha” moment—but they’re on the path to becoming a pure commodity. Once issuance is commoditized, the real edge comes from what you do with the capital—how you generate yield and manage flows. That’s where trading-focused models like Ethena carve out their advantage. The next frontier is specialization: AI-backed stables that are tied to the future of infrastructure, as we’re starting to see with USDAi. Equity-tapping stables like Mezo’s MUSD, which function as a credit line against your BTC. CDP-based products have existed since the earliest days of DeFi, but the market has largely ignored their most practical use case—unlocking liquidity from otherwise idle, high-quality collateral. It’s not always about chasing the highest yield; it’s about filling a real financial need. Bitcoin remains the most pristine digital collateral asset. In a future of hyperbitcoinization, BTC-backed stablecoins will be a core part of the financial stack—serving as reliable, liquid instruments built on the sound collateral.