Stablecoin landscape is shifting faster than expected. Been tracking the competitive dynamics lately, and there's something worth noting: USX has hit roughly $300M market cap while already approaching the scale of certain major exchange-issued stablecoins. What caught my attention isn't just the numbers—it's the timing. The stablecoin wars aren't theoretical anymore. They're happening now in 2026, with new entrants proving you don't need massive infrastructure to capture meaningful market share. This feels like another early-stage wave, the kind where positioning matters. The race to build trust and liquidity in stable assets is clearly intensifying across the ecosystem.