Stablecoin L1s are a silly concept, but I understand why so many people will try it. Stablecoins are just assets, and if most assets already live on the leading chains, why would anyone switch to a new one just for access to a subset of what’s already being offered? The distribution argument is tempting, but with the exception of Stripe, none of the proposed stablecoin chains even own their own distribution. Tether may be the only stablecoin that is differentiated, mostly due to path dependence, but once again it neither control its own distribution nor is it even exclusively backing any new chain. Respect the ambition, but think people are losing the plot.