According to @Nick_van_Eck, global stablecoin liquidity will concentrate into roughly 5–10 open-loop payment stablecoins such as AUSD, USDC, and USDT due to network effects spanning user demand, venue acceptance, and deep markets across spot, perps, and futures, prioritizing credible neutrality, global liquidity, and broad utility for settlement and trading use cases, source: @Nick_van_Eck on X, Dec 29, 2025. He states open-loop coins are defined by credible neutrality, global liquidity, and global utility, while noting USDC as an exception on neutrality because Coinbase/Circle compete with some customers via Base, Arc, custody, trading venues, and prediction markets, source: @Nick_van_Eck on X, Dec 29, 2025. He adds that thousands of whitelabel stablecoins will exist for closed-loop purposes like loyalty and in-game tokens, or where brand, regulatory, or product constraints require it, and that most custom coins pursue specific objectives rather than competing as global open-loop money, source: @Nick_van_Eck on X, Dec 29, 2025. For trading and integration, he says AUSD can be used to pair liquidity, serve as the deposit and withdrawal asset for minting and redemption of new custom stablecoins, enable revenue sharing, and leverage infrastructure such as LayerZero/Stargate, centralized exchanges, and on/off-ramps, source: @Nick_van_Eck on X, Dec 29, 2025. He notes Agora offers a whitelabel stablecoin product, references Paxos’s enterprise whitelabel history and that Coinbase recently announced a similar approach, and states Agora will power whitelabeled issuance for clients of a leading banking brand with more updates expected in Q1, source: @Nick_van_Eck on X, Dec 29, 2025. He underscores execution focus on real customer problems including cheaper money movement and interchange, easier borrow/lend, reduced counterparty risk, lower financing costs, onchain tokenization of RWAs, and faster settlement for institutional and consumer workflows, source: @Nick_van_Eck on X, Dec 29, 2025.