I just thought about back in 2020, when there were a lot of competing stablecoin protocols putting all the stablecoins into one pool, and then one stablecoin depegging would drag everyone down together. Why is FX liquidity fragmented? Because moving from a two-pool to a tri-pool setup doesn’t actually increase returns—instead, it adds another asset risk. The more assets in the pool, the greater the risk. The risk and return just don’t match up.