《Delphi Research Report: Who Issues Stablecoins Doesn’t Matter, Controlling Distribution Rights Is the Key to the Future》 (Author: Simon, Translated by TechFlow) The Delphi report highlights that the dominance in the stablecoin market is shifting from issuers to applications and ecosystems that control distribution rights. Tether and Circle once held about 85% of the market share due to network effects, but factors like enhanced cross-chain interoperability, the rise of white-label issuance models, and clearer regulations are weakening the moat of traditional giants. DeFi and ecosystems can internalize revenue through native or white-label stablecoins, keeping interest income that previously flowed to issuers within the chain, creating a more stable income source than transaction fees. Applications with strong distribution capabilities and user stickiness can achieve higher cash flow and lower valuation multiples, while public chains that fail to reclaim external revenue will see their valuation advantages gradually eroded. The overall trend indicates that the future value of the stablecoin economy depends on who controls distribution rights and coordination capabilities, rather than who issues the tokens. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=52236