Imagine for a moment that you run a stablecoin business. It’s a genius idea, really. People wire you $1, and you issue them a token. We’ll call it SUPERUSD. People can always redeem their 1 USD, which is why 1 SUPERUSD remains pegged to 1 USD. You are the first to offer this service at scale, so people pile in. Suddenly, there are billions of dollars’ worth of SUPERUSD onchain. You start buying super-low-risk Treasury bonds in size, as you realize nobody will ever really redeem all USD at once. As long as there’s a large enough buffer available for redemptions, you can basically earn money on your cash reserve. Similar to a bank. Your business is thriving. Since your token is well integrated into DeFi, there’s little alternative. And with competition still thin, people don’t really care much about the yield you are extracting from their locked-up USD. As your supply increases, you become one of the most capital-efficient companies in the world. You make billions of dollars each year on your >$100B stack of cash. However, the majority of your SUPERUSD is issued on a single blockchain: Ethereum. Also, there are competitors now. They start offering yield sharing to chains and businesses, eating into your potential market share and growth. It looks like the days of making 5% on your stack of cash are numbered. More and more people are becoming yield-sensitive, and competitors are becoming more and more integrated as well. It looks like making money on the yield is a race to zero. So how will you protect yourself against this? How do you ensure you keep your market-share dominance without losing out on all those sweet profits? Simple: You start buying and staking ETH. This way, not only will you earn fees from every single SUPERUSD transfer ever made on the network where the majority of all SUPERUSD lives, but you’ll also earn a share of all fees paid by your competitors. Genius, really. You also actively profit from the growth of the network as a first adopter. JK. You buy BTC… loads of BTC, because you are a toxic Bitcoin-maxi corp. The end.