The common response of stablecoin payment companies is verticalization. As the stablecoin transfer itself becomes easier to source, companies try to internalize the scarce capability next to it. This means the most important question is not where a company starts, but whether it can move toward an adjacent control point without losing focus. Demand owners integrate downward to protect reliability and economics; access providers integrate upward to capture more of the customer relationship; orchestrators add regulated, treasury, liquidity, data, and workflow capabilities to reduce replaceability.(jiawei.snoopy)