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The Importance of Utility and Transactional Capabilities in Stablecoins
* Stablecoin issuers should prioritize utility, liquidity, and transaction means over yield-bearing elements. * Yield-bearing stablecoins may be classified as securities, limiting customer reach and utility. * Examples include Dai, Ethena's USDe, and Mountain Protocol's USDM. * Strong ties with trading firms like Circle and Binance pose conflicts of interest.