Unchained Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough - Ep. 912
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Oct 1, 2025 
Zach Abrams, Co-founder and CEO of Bridge, introduces OpenIssuance, a platform empowering companies to create their own stablecoins. He discusses the end of the stablecoin duopoly, how these coins could work with AI for financial innovation, and the importance of multiple issuers to minimize risks. Kenny Li, Co-founder of Manta Network, shares insights on shifting from a pure L2 infrastructure toward application-driven products, advocating that the future lies in focusing on application layers rather than competing in overcrowded infrastructure battles.
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Companies Will Want Their Own Dollars
- Zach Abrams predicts the stablecoin duopoly will break as businesses want direct control of their dollar and its economics.
- OpenIssuance lets any company create programmable, platform-specific stablecoins to capture treasury benefits.
Interoperability Hides Fragmentation
- Users won't pick between hundreds of branded stablecoins because interoperability will convert dollars under the hood one-for-one.
- Stablecoin branding will fade as apps present users simply with digital dollars.
AUM Focus Creates Payment Blindspots
- Large issuers focused on AUM charge burn fees that make some payment flows uneconomical, like certain cross-border rails.
- New issuers unconcerned with AUM can enable low-cost payment use cases and unlock stablecoin adoption.