Successful stablecoin-like products historically solved for a major problem, and giving yield to users wasn’t it. Tether: shortage of USD on blockchains and emerging markets Feng Piao Notes: shortage of local currency in 1920s Manchuria UK Private Coinage: shortage of small-denomination GBP Wildcat Banknotes: shortage of currency in US hinterlands and frontiers Swedish Banknotes: shortage of SEK currency You’ll notice that all of these tackled a common problem that led to their adoption - a shortage of currency and local liquidity. This is why I’m so bullish on stablecoins as a category but bearish on nearly all products that label themselves as stablecoins. Most “stablecoins” are either competing on yield (e.g. USDS) which doesn’t build transactional adoption (and thus that Holy Grail of monetary premium), or are competing in developed markets already awash in liquidity (e.g. PYUSD, USDC).