Critical insights on stablecoin business model fundamentals from @raagulanpathy, CEO of @kastcard. When interest rates dropped to 0.25%, net yields after banking fees fell to just 0.1%. Here’s the reality check: What happens when rates hit zero? Japan's 30-year zero interest rate environment demonstrated this isn't hypothetical—stablecoin businesses face real sustainability challenges without diversified value propositions. Build for utility, payments efficiency, and operational advantages. Interest income should complement your core business model, not anchor it. Essential viewing for anyone in the stablecoin space from S4.5 of Stableminded, Building Stablecoins powered by @m0 ↓