《IOSG: Stablecoin Profits Lie in Distribution, Not Issuance》 (Author: Darko) The real commercial competition for stablecoins isn’t about 'who issues them,' but rather 'who controls the users and distribution channels.' Although Circle holds regulatory licenses and the ability to issue USDC, it still has to pay significant revenue shares to channels like Coinbase, showing that customer access points and balance retention are the true keys to bargaining power.