Is stablecoin issuance commoditized? Only if you’re looking at the onchain layer Anchorage MoonPay Coinbase Bastion Ethena Bridge Paxos BitGo Brale SoFi ... .. . Issuance looks crowded From the outside, it looks interchangeable but once you optimize for real outcomes, the shortlist collapses fast: • compliance posture you can underwrite • redemption reliability at scale • time-to-launch • bundled rails that complete the job The positioning map shows one way to slice the market: regulatory posture vs time-to-market and why buyers land in very different places What I don’t think the market has settled yet is where durable advantage lives long-term....