So many new stablecoins.

Fidelity is doing one. Crypto.com is doing one. Kraken is part of the Global Dollar Network which is doing one. XRP has one in the works. Trump, apparently, is doing one. PayPal has one that nobody uses.

There's some really easy money in stablecoins. Management scales easily, but the return goes up with adoption. The problem is obviously that it's non-trivial to swap from one custodian to another.

I imagine with how lucrative they are every financial institution will want to have their own, plus a bunch of random people with influence. And realistically this is a perfect job for the treasury.

Seems like this is going to dilute the stablecoin market and make it way less useful. It's really a shame.