Unpopular opinion: Circle will control its distribution at some point and will launch its own chain focused on a forex-dApp around its issued stablecoins (USD, EUR) then JPY. Think of their original OTC business but on-chain. With over 60B and only +150M in revenue, it’s time to own the distribution for Circle. USDC doesn’t have a moat as most banks and money market fund issuers will issue their own stablecoin with deep distribution. On the flip side, Tether has a distribution moat through Bitfinex.