Stablecoin infrastructure is hitting a fork in the road for enterprises:

3 paths forward:

1️⃣ Rent someone else's rails ($USDT/$USDC) → issuer keeps all the juice

2️⃣ White-label your own branded stablecoin → you get the brand, they get the backend

3️⃣ Join an open network → shared governance, shared economics

The real question: Do you want to be a customer, a brand partner, or an owner?

Most enterprises still picking door #1 because it's easy. But the smart money is looking at #3 for long-term control and upside.

Stablecoin wars are heating up. Whoever controls the infrastructure controls the yield.