Really, stablecoin as a service is out. If several stablecoins are issued through Paxos for one click card matching, theoretically, they can even be directly exchanged 1:1 without loss (if not opposed by regulators) 😂， Anyway, it's just internal transfer within the custody account. Just like those cloud exchanges before, the liquidity of the exchanges is shared, which also solves the problem of poor liquidity of small and new stablecoins, without having to subsidize from scratch.