The @PlasmaFDN Thesis: Everyone is going full stack Stablecoins continue to be crypto’s largest use case, with outstanding supply now exceeding $262B. Tether has grown another ~4% within the last month, maintaining ~66% of that overall market share. Much of Tether’s success has hinged on the adoption and need for a stable and accessible unit of currency in emerging global markets and economies plagued with hyperinflation. This is where the disconnect lies. The echo chamber of CT underestimates the actual TAM of stablecoins. Tether has become the most practical form of digital dollar exposure for millions around the world. Capturing that value by owning the full stack is where most players are moving toward. Codex is now following this playbook as the USDC native chain. It isn’t necessarily about having another specific chain, but rather about distribution. In reality, Plasma’s architecture and GTM strategy is optimizing for global payments and remittance services. Their approach focuses on an already existing demand from corridors outside the US where a majority of the unbanked populations reside. From a narrative perspective, Plasma is currently the most direct bet towards stablecoin adoption outside of CRCL. And if you want to know just how deprived the space is for stablecoin exposure, just take a look at Circles recent IPO success.