Right now, the stablecoin industry has reached an absolute peak in market fragmentation. If you watch the leaderboards, you will notice that the standings for assets like USDS, DAI, USDe, and PYUSD are completely reorganized on a monthly basis. This constant movement naturally brings up an important thought. In an environment crowded with 50 distinct stablecoins, what truly gives one the staying power to survive? The deciding element is, and consistently will be, distribution.