According to @LexSokolin, the stablecoin wars are driven by fee capture rather than technology, with chains seeking transaction fees, protocols seeking spread, and founders building larger treasuries (source: @LexSokolin). According to @LexSokolin, this fee capture dynamic increases user costs, multiplies cross chain bridge risk, and kills capital efficiency across DeFi liquidity routes (source: @LexSokolin). According to @LexSokolin, consolidation is coming and most competing stablecoin chains and protocols will not survive, highlighting trading-relevant pressures around fee extraction, bridge exposure, and stablecoin liquidity fragmentation (source: @LexSokolin).