According to @nic__carter, the central question is whether stablecoin issuance will devolve into a race to the bottom on net interest margin similar to the ETF fee war that delivered ultra-low costs like VOO at a 0.03 percent expense ratio, source: @nic__carter and Vanguard. Stablecoin issuers today primarily monetize via interest earned on reserves invested in short-duration U.S. Treasuries and cash rather than explicit management fees, source: Circle USDC reserve disclosures and Tether assurance reports. Platforms have previously shared part of reserve-derived economics with users through USDC rewards, illustrating a mechanism for pass-through that traders should monitor for potential effects on stablecoin demand and trading liquidity, source: Coinbase USDC Rewards and Kaiko market structure research.