Two stablecoin lanes are currently forming in the space today: Circle USDC is the institutional play for banks, cross-border finance, etc. via the Circle Banking Private Network. On the other hand, Tether is the grassroots international dollar, which serves a different lane, different user, but is going the same direction. The question is who will stand in the middle to connect the fragmentation between them. These are the types of infrastructure gaps that garner an outsized opportunity. Listen to the full episode below to hear more about where we think the value concentrates.