Eco

$35.9B revenue on $15.7T processed. That's @Visa's fiscal 2024. Visa earned 23 basis points on every dollar that moved through its network. Jane Street pulled $20.5B in trading revenue last year, more than Citigroup or Bank of America. Neither owns the assets. Both built moats by sitting where value flows. The same pattern is playing out in stablecoins. @circle mints USDC but doesn't capture the flow premium. Exchanges hold billions in balances without orchestrating cross-market movement. The category winner will be whoever occupies the orchestration layer that most institutional stablecoin flow routes through. TradFi learned this decades ago. Prime brokers intermediate and clear rather than warehouse client assets. Payment processors move currency rather than issue it. Routing control is worth more than ownership. As stablecoins mature into a multi-trillion dollar market, one integration point that touches most institutional flow beats twelve separate pipes. Source: @a16zcrypto https://t.co/ck0qB89wCO