Stablecoin value chain shifts toward payment-focused models, altering crypto market structure

The report, by @ryanyoon_eth with EastPoint, argues the real opportunity lies beyond issuance, across a five-stage value chain: issuance, on-ramp, transfer, payment, and yield. Tether and Circle hold roughly 83% of the ~$300 billion market, 99.99% dollar-pegged. The author traces $1,000 through the chain and details Circle's revenue split with Coinbase. On-ramp take rates converge near 3%; MoonPay charges 1–4.5%. The author says value is shifting toward settlement layers, with stablecoins vertically integrating into regulated finance rather than replacing it. The article text is truncated mid-sentence in the on-ramp section, so later stages (payment, yield) receive only brief coverage.

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