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[Dante Reminick @DanteReminick]

Most of you are probably sick of hearing me rant about stablecoin interoperability, but here’s one more thought for you.

As a reminder, the number of stablecoins is growing along with payment use cases, and it is becoming harder to manage the differences between them. Depending on regulatory jurisdiction, local currency liquidity, or even personal preferences, businesses may prefer to use one stablecoin over another.

That diversity is healthy, but it also makes moving between stablecoins a top priority if stablecoin rails are going to become the primary engine of global payments.

The open question is this: will interoperability be solved through technical engineering…or social engineering?

I’ve proposed a number of technical approaches before, routing mechanisms, CLOBs, interoperability protocols, etc.

But lately I’ve come to believe the answer might lie less in code and more in aligning incentives and creating a system of social coordination among issuers.

As Aristotle says: "The whole is greater than the sum of its parts"

At its core, that would mean issuers working together: coordinating minting and burning processes across stablecoins, pooling liquidity, and building rails that make movement between coins seamless. In other words, competitors linking arms around infrastructure so that the market as a whole can grow.

To be clear, this is different from the Paxos model. Paxos brings multiple parties under a single custodian framework and a single token - a more centralized form of cooperation. What I’m describing is closer to a federation, where issuers remain independent but agree to shared rails and standards.

So why hasn’t this happened yet?

The obvious answer: greed. Each issuer wants to maintain its own moat, whether it’s around tradfi integrations, regulatory licenses, yield, or unique liquidity advantages. On top of that, regulation adds complexity and slows down collaboration.

But the big question remains: are the incentives actually aligned?

History suggests they can be. Take Visa as an example. In the early days of card payments, banks faced the same problem: fragmented networks and limited acceptance.

Instead of each bank trying to dominate the market alone, they created a consortium. They agreed on shared standards, rules, and interchange mechanisms. The result wasn’t one bank “winning”, it was a network where everyone gained because the pie got bigger.

Visa isn’t the only case. SWIFT for cross-border payments, GSM standards for mobile networks, and even the internet itself are examples of rivals cooperating on the pipes while competing on the edges. Each shows how aligning incentives around shared infrastructure can unlock entirely new industries.

Here’s the kicker for stablecoins: unlike Visa, we don’t necessarily need a centralized entity to set and enforce rules. Much of that can already be done programmatically through smart contracts. Standards like ERC-20 already define how issuance, redemption, and transfer work. The pipes exist; it’s about connecting them.

The real challenge, then, is incentive alignment. Today’s stablecoin business model is built around three things: interest on reserves, transaction fees, and ecosystem lock-in.

Collaboration doesn’t have to threaten those; it can actually expand them. The larger and more liquid the overall stablecoin network, the greater the transaction volume, and the more valuable each issuer’s role becomes. Just like Visa, the more participants in the system, the stronger the network effect for everyone.

Of course, much easier said than done. Cooperation among competitors is always hard. This kind of system would also raise challenges around governance and even antitrust. But in theory, if issuers can get the incentives right, the payoff could be phenomenal.

Stablecoins won’t succeed globally just because of clever technical tricks. They’ll succeed if issuers can learn to cooperate on the rails, while competing everywhere else.

Would love to hear feedback from folks at @circle @Paxos @tether @withAUSD @brale_xyz @m0

[Unachica @EvaEtzel]

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[Unachica @EvaEtzel]

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