> ## Documentation Index
> Fetch the complete documentation index at: https://docs.messari.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Get a research report by report ID

> Returns a research report by its report ID



## OpenAPI

````yaml GET /research/v1/reports/{reportId}
openapi: 3.0.0
info:
  description: OpenAPI specification for the entire Messari API
  title: Messari API - Research V1
  version: 1.0.0
servers:
  - description: Messari API
    url: https://api.messari.io
security: []
paths:
  /research/v1/reports/{reportId}:
    get:
      tags:
        - research/Research Reports
      summary: Get a research report by report ID
      description: Returns a research report by its report ID
      operationId: getResearchReport
      parameters:
        - in: path
          name: reportId
          required: true
          schema:
            format: byte
            type: string
            example: 3f9ff008-a798-4f6e-85c7-a6a109e8832c
            default: 3f9ff008-a798-4f6e-85c7-a6a109e8832c
      responses:
        '200':
          content:
            application/json:
              schema:
                properties:
                  data:
                    $ref: '#/components/schemas/ResearchReport'
                  error:
                    type: string
                required:
                  - data
                type: object
              example:
                error: null
                data:
                  id: 3f9ff008-a798-4f6e-85c7-a6a109e8832c
                  createdAt: '2025-08-22T16:52:34Z'
                  updatedAt: '2025-10-17T17:23:12Z'
                  assetIds:
                    - 4515ba15-2719-4183-b0ca-b9255d55b67e
                    - 51f8ea5e-f426-4f40-939a-db7e05495374
                    - ad1342eb-a5fe-4c60-b37e-71a8859f0fea
                    - 784b12bc-b284-4689-9b97-8ea7fec440ba
                    - bcbe9ab0-8a03-4295-bd4c-5e4d7caf1026
                  assets:
                    - id: e4130f1e-7470-46f3-8c75-0bd4b09ea848
                      name: Mother Iggy
                      symbol: mother
                      slug: mother-iggy
                    - id: bcbe9ab0-8a03-4295-bd4c-5e4d7caf1026
                      name: Official Trump
                      symbol: TRUMP
                      slug: official-trump
                    - id: e5933eed-a4a2-49a0-8944-8dd922cdf1c6
                      name: Plasma
                      symbol: XPL
                      slug: plasma
                    - id: 784b12bc-b284-4689-9b97-8ea7fec440ba
                      name: Agora Dollar
                      symbol: AUSD
                      slug: agora-dollar
                    - id: 7e532302-9ced-4e90-8c8a-218a38e1dbba
                      name: Melania Meme
                      symbol: MELANIA
                      slug: melania-meme
                  authors:
                    - id: 6a7f467f-5dbf-4ba5-a8b4-499af94fd2c4
                      name: Dylan Bane
                      image: >-
                        https://cdn.sanity.io/images/2bt0j8lu/production/db9a9c7bcea81c62c3ebabff017525acf5bf7bd3-772x780.png?w=100
                      linkedinUrl: ''
                  content: >-
                    ## Introduction


                    Stablecoin adoption has advanced from serving as
                    crypto-native financial primitives to powering mainstream
                    payments.


                    With the passage of stablecoin regulation in the U.S.
                    (e.g.,  [GENIUS
                    Act](https://www.congress.gov/bill/119th-congress/senate-bill/394/text)),
                    the entrance of new issuers from [Big
                    Fintech](https://www.reuters.com/technology/crypto-firms-including-robinhood-kraken-launch-global-stablecoin-network-2024-11-04/)
                    and
                    [TradFi](https://www.cnbc.com/2025/06/17/jpmorgan-stablecoin-jpmd.html),
                    and public equities increasingly [assigning a
                    premium](https://fortune.com/2025/06/10/circle-ipo-stock-price-valuation-outlook/)
                    to stablecoin-linked businesses, developing a long-term
                    thesis on the trajectory of stablecoins and tokenization is
                    essential for both crypto-native stakeholders and financial
                    professionals.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/8cf0434a90a1b8502a14e4865aea584a484fecb8-1600x986.png?w=800)


                    Today, market participants remain focused on the current
                    competitive battleground: **distribution.** Control of on-
                    and off-ramps, exchange listings, wallet integrations,
                    liquidity depth, and merchant acceptance determines who wins
                    share in the short term. Yet this view is incomplete. Once
                    distribution consolidates around a handful of long-term
                    incumbents, the locus of competition will shift.


                    This report argues that the **next differentiators** will
                    be:


                    * **Loyalty** – programmable, onchain rewards that resemble
                    but surpass traditional credit card points.  


                    * **Attention** – the cultural and celebrity reach that
                    determines which brands capture consumer mindshare.


                    Together, these forces will shape the next phase of the
                    “stablecoin wars.”


                    In addition, we advance the thesis that **Branded
                    Stablecoins** and, over time, **Branded RWAs** in the form
                    of co-branded or white-labeled tokens representing offchain
                    assets, will be the natural evolution of this market. These
                    instruments will not only secure user loyalty but also
                    channel cultural capital into financial adoption. Investors,
                    issuers, and partners who fail to account for this shift in
                    their tokenization outlook risk underestimating the future
                    bottlenecks of competition.


                    ## Stablecoin Economics and the Limits of Distribution


                    Stablecoins offer one of the most attractive business models
                    in the world. Issuers earn risk-free yield on the float of
                    cash and Treasury bills backing their tokens. At current
                    supply levels (just over [$250
                    billion](https://messari.io/report-pdf/b712a2f7e09bdd7925df633589d48f2b0ce769ac.pdf)
                    as of mid-2025) and prevailing yields (around 5%),
                    annualized revenue exceeds $12 billion across issuers. 


                    Due to the size of the opportunity, large established
                    companies in TradFi, fintech, and crypto are actively
                    entering the market, which is currently dominated by two
                    large incumbents,
                    [Tether](https://messari.io/project/tether) and
                    [Circle](https://messari.io/project/circle-usdc), which
                    account for a [combined 85% of stablecoin market
                    share](https://messari.io/report-pdf/b712a2f7e09bdd7925df633589d48f2b0ce769ac.pdf).


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/d474437b65342dd3bbea206241f2ef237a218c11-1600x986.png?w=800)


                    But money is a commodity. A dollar issued by Circle, PayPal,
                    or JPMorgan remains just a dollar. As regulatory standards
                    crystallize, the main competitive fight is over
                    distribution, on-ramps, exchange listings, wallet
                    integrations, merchant acceptance, and the like. Indeed,
                    distribution is so critical that Circle gives up [~61% of
                    its
                    yield](https://www.businesswire.com/news/home/20250812836620/en/Circle-Reports-Second-Quarter-2025-Results)
                    on float to platforms like Coinbase.


                    Distribution will be critical, and may, indeed, be the
                    primary driver of market share early on. But issuers that
                    fail to win on distribution will quickly look for
                    alternative levers. 


                    Two areas stand out: **loyalty** (programmable onchain
                    rewards) and **attention** (brand + celebrity reach).


                    ## Lessons from Credit Cards: Distribution, Adoption, and
                    Loyalty


                    To understand why, the evolution of credit cards can point
                    us in the right direction.


                    In the early decades of credit cards, merchant acceptance
                    defined the competitive battleground**.** A card’s utility
                    depended entirely on where it could be swiped, so issuers
                    raced to build the [broadest possible
                    network](https://finanso.com/us/blog/when-were-credit-cards-invented-the-history-of-credit-cards/?utm_source=chatgpt.com)
                    of participating merchants. Without that foundation,
                    consumer demand could not be unlocked. The first problem to
                    solve was the scale of usage.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/7a45c7e0d6d1e1d3f13d2eb583384672d485e4f5-1600x986.png?w=800)


                    Once merchant acceptance reached critical mass, competition
                    shifted to **mass consumer adoption.** Banks and card
                    networks marketed credit cards as safer and more convenient
                    than cash, emphasizing fraud protection and ease of use.
                    Direct mail campaigns, aggressive sign-up bonuses, and
                    generous credit lines pulled [millions of new
                    users](https://worldhistoryjournal.com/2025/06/22/credit-card-history/?utm_source=chatgpt.com)
                    into the system. By the 1970s and 1980s, carrying a credit
                    card was no longer novel; it was the norm for the American
                    middle class.


                    With both sides of the network in place, issuers needed a
                    new lever to differentiate themselves. This is where
                    **points and loyalty programs** emerged as the defining
                    edge. The 1981 Citibank-American Airlines partnership
                    pioneered the model, showing that a card could offer more
                    than credit; it could offer
                    [rewards](https://www.ft.com/content/85ddff1e-9552-4ff9-ae59-b688e2984d20?utm_source=chatgpt.com)**.**
                    Airline miles, and later cashback programs, created a new
                    layer of competition: not just who had the broadest merchant
                    network or best introductory offer, but who could connect
                    spending to a broader lifestyle.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/ff0f53f58f33d3b42003a2285c4d6ab0abc25153-1566x900.png?w=800)


                    Rewards reshaped consumer behavior because they shifted the
                    frame of reference. Spending on a particular card wasn’t
                    just a transaction; it was progress toward a free flight, a
                    hotel stay, or cash back. This made [usage
                    habitual](https://www.businessinsider.com/airlines-credit-cards-loyalty-miles-rewards-profits-delta-united-american-2025-5?),
                    not occasional, and cemented credit cards as the dominant
                    consumer payment rail.


                    Even today, rewards remain one of the most powerful
                    differentiators. Roughly [60% of U.S.
                    consumers](https://www.ipsos.com/en-us/majority-say-credit-card-rewards-are-very-important-and-drive-their-card-usage)
                    say rewards are very important in their choice of credit
                    card, and [49% report they would switch
                    cards](https://www.ipsos.com/en-us/majority-say-credit-card-rewards-are-very-important-and-drive-their-card-usage)
                    if a better rewards program were available. For partnered
                    companies, loyalty economics can be even more lucrative.
                    Delta’s co-branded credit card program with American Express
                    generated **$6.8 billion in revenue in 2023**, accounting
                    for [70% of the airline’s total
                    profit](https://www.ft.com/content/d9121c2e-0444-4f33-86fb-36d34c68c228?utm_source=chatgpt.com).


                    Altogether, the credit card industry demonstrates that
                    loyalty programs are a **three-way win**: compelling for
                    issuers, sticky for consumers, and immensely valuable for
                    partners.


                    The historical progression, distribution, adoption, and then
                    loyalty, offers a playbook for how today’s stablecoin
                    issuers may compete once distribution consolidates.


                    ## Onchain loyalty programs 


                    ### A Broader Design Space


                    Onchain loyalty unlocks a much broader design space than
                    traditional card programs. Consumers can **selectively share
                    verified payment histories** with third parties, enabling
                    new forms of personalized rewards. A traveler who spends
                    heavily on international flights, for example, could prove
                    that pattern onchain and receive tailored offers from luxury
                    retailers or hospitality partners. Because payment activity
                    is transparent and verifiable, issuers and brands can build
                    **composable loyalty programs** that maximize consumer value
                    in ways legacy systems cannot match.


                    We’re already seeing this model in action.
                    [Blackbird](https://messari.io/report/blackbird-fly-blackbird-fly-a-model-for-web3-loyalty-programs),
                    an onchain restaurant discovery and loyalty platform, gives
                    restaurants access to customer dining data and visit
                    histories. In exchange for data sharing, restaurants provide
                    personalized incentives that deepen relationships, increase
                    repeat visits, and maximize diner LTV. For an industry with
                    razor-thin margins, such programs can be the most effective
                    lever for revenue and profitability.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/03880ce19c734126dff04f669a3290dc8f844733-1600x900.png?w=800)


                    Stablecoins extend the same principle at a global scale. As
                    issuers and partners look beyond distribution, they will
                    compete by embedding **programmable loyalty features
                    directly into the currency itself.** In this model, the
                    “best” stablecoin is not only the one with the deepest
                    liquidity, but the one offering the richest network of
                    rewards and partnerships.


                    ### What Funds Stablecoin Rewards


                    While credit card rewards are funded by interchange fees and
                    interest income, stablecoins operate on a different basis.
                    Their primary revenue source is the **interest earned on
                    reserve assets,** chiefly cash and short-duration
                    Treasuries. This makes float management the critical lever
                    for reward design as it’s the ultimate source of rewards.


                    Regulatory clarity here remains murky. Directly passing
                    yield through to holders is restricted under frameworks such
                    as the U.S. GENIUS Act, but issuers have viable workarounds.
                    Rewards can be booked as **marketing expenses** or tied into
                    a brand’s broader loyalty budget, allowing issuers to remain
                    compliant while still sharing economics with users.


                    Beyond yield on float, partnered brands can also fund
                    rewards based on the economics of how much value the loyalty
                    program drives to a brand.


                    ## **Co-Branded and White-Labeled Stablecoins**


                    Just as with credit cards, we should expect the rise of
                    **co-branded stablecoins**. Rewards could accrue within a
                    specific brand or company’s loyalty program, tied to balance
                    size, holding duration, or transaction volume, embedding
                    loyalty mechanics directly into money.


                    Importantly, issuers can also launch **white-labeled
                    stablecoins** for brands that prefer the consumer-facing
                    relationship to dominate. In this case, the issuer recedes
                    into the background while the brand’s loyalty program
                    captures attention and engagement. 


                    Stablecoin startups and companies are already experimenting
                    with white labeled stablecoins.


                    For example:


                    * [Agora](https://www.agora.finance/ecosystem), an issuer
                    partnered with Van Eck and State Street, offers white
                    labeled stablecoins for brands, offering them
                    customizability while Agora handles compliance and
                    licensing, with the underlying AUSD coin. 

                    *
                    [Paxos](https://insights.paxos.com/stablecoinmasterclass-0?)
                    has also launched a white labeled stablecoin as a service
                    product for enterprises looking for a turnkey solution.

                    * [M0](https://www.m0.org/) allows developers to develop
                    application-specific stablecoins with extensive
                    customization options as extensions of the M0 stablecoin. M0
                    stablecoins can tap into the entire liquidity of the M0
                    network, bypassing the issue of bootstrapping liquidity.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/e7239099304d76d811662464c9993a2cd537d520-1600x986.png?w=800)


                    All of the aforementioned platforms challenging Circle and
                    Tether are focused on enabling enterprises and brands to
                    issue their own stablecoins, underscoring this customer
                    segment as a key growth opportunity for new entrants in the
                    coming years.


                    As we see, stablecoins' flexibility naturally accommodates
                    brands, extending the most effective features of card
                    rewards into **programmable, global money.**


                    However, the adoption of an onchain model will lead to a
                    fusion of crypto culture, further amplifying attention
                    economy dynamics.


                    # The Attention Economy: Loyalty Meets Culture


                    As stablecoins mature, the competitive dynamics of the
                    **attention economy** will increasingly shape adoption. What
                    distinguishes stablecoin loyalty programs from credit card
                    rewards is not just programmability, but **switching
                    costs.**


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/35d43613447b4838dc17e620578bd5e0a1a4881e-1600x900.png?w=800)


                    Credit cards are sticky because applying is cumbersome, and
                    consumers rarely hold more than a handful. Stablecoins, by
                    contrast, exhibit much less friction. Moving balances from
                    one issuer to another takes only a single onchain
                    transaction. If a competitor offers more compelling rewards
                    or perks, switching is instantaneous. This low barrier makes
                    the market more fluid, which will force issuers and
                    distributors to continuously innovate on loyalty and
                    attention rather than relying on inertia.


                    In practice, this will push branded stablecoins to adopt
                    tactics similar to those in memecoin markets: competing for
                    attention, narrative, and cultural resonance. 


                    The central question becomes: _what association commands the
                    most eyeballs?_ Large corporations will capture share by
                    embedding rewards into their existing ecosystems. But a
                    market segment that remains underdeveloped in the offchain
                    card world, **celebrities and influencers**, is uniquely
                    positioned to thrive in a branded stablecoin paradigm.


                    ## Celebrity Stablecoins


                    No one commands attention like global athletes, pop stars,
                    and YouTubers. By launching “celebrity stablecoins,” issuers
                    can partner with figures like Lebron James, Taylor Swift, or
                    Mr. Beast, aligning incentives for everyone involved. The
                    issuer gains float and distribution, the celebrity deepens
                    fan engagement while receiving a share of float yield, and
                    consumers receive tangible perks. 


                    For example, holding a Taylor Swift Dollar Coin (TSDC) could
                    unlock exclusive concert tickets, merch, or airdrops.
                    Because wallet activity is visible, partners such as Spotify
                    or guitar manufacturers could target offers directly to
                    Swift’s fan base, layering additional value onto the same
                    loyalty rails. Smaller brands with less recognition could
                    piggyback on these celebrity ecosystems, reaching audiences
                    they could never build alone.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/7696adffc6ef7b55efdaa544e02164741e81003d-1600x900.png?w=800)


                    Unlike creator tokens or celebrity memecoins, **celebrity
                    stablecoins avoid reputational risk.** Their value is
                    stable; fans don’t lose money when prices crash. Rewards are
                    framed as loyalty benefits rather than speculative bets,
                    making them intuitive and consumer-friendly. Issuers can
                    even share a portion of float revenue with celebrities,
                    structured as marketing or licensing fees, further aligning
                    incentives. 


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/70b6d2027221ec6d57ead64225e1fce7261c5cf4-1600x986.png?w=800)


                    From a policy perspective, every celebrity stablecoin is
                    still a U.S. dollar at its core, meaning each one expands
                    dollar dominance globally. For regulators, that outcome
                    strengthens U.S. monetary reach while allowing issuers to
                    capture market share through cultural distribution.


                    In this model, money itself becomes a **canvas for
                    culture.** Stablecoins are no longer interchangeable
                    commodities; they are differentiated loyalty containers
                    competing for attention in the same way brands and
                    influencers compete for relevance today.


                    ## The Path to Branded and Celebrity Stablecoins


                    If **loyalty and attention** emerge as the true bottlenecks,
                    the key questions become _when_ this transition will occur
                    and _which issuers or partners_ are best positioned to
                    capture it.


                    ### The Role of New Market Entrants


                    If traditional financial institutions were the only players
                    entering the stablecoin market, the transition to branded
                    stablecoins would likely be slow, or might not occur at all.
                    Banks are culturally conservative and have little incentive
                    to experiment with consumer-facing loyalty mechanics beyond
                    existing credit card programs.


                    By contrast, **Big Fintech** and **crypto-native companies**
                    have proven track records in user acquisition, gamified
                    design, and rapid iteration. They are comfortable competing
                    on the basis of attention and loyalty in ways banks are not.


                    #### **Robinhood**


                    [Robinhood](https://messari.io/project/robinhood-exchange)
                    illustrates this dynamic. The company made its name by
                    pioneering commission-free trading,
                    [gamifying](https://finmasters.com/gamification-of-investing/#gref)
                    the brokerage experience, and offering bold retail-facing
                    products like options. It embraced crypto early, listing
                    [Bitcoin and
                    Ethereum](https://www.cnbc.com/2018/01/25/stock-trading-app-robinhood-to-roll-out-bitcoin-ethereum-trading.html#:~:text=Stock%20trading%20app%20Robinhood%20is,in%20February%2C%20Robinhood%20announced%20Thursday.)
                    in February 2018 and entering the memecoin space with
                    [Dogecoin](https://newsroom.aboutrobinhood.com/dogecoin-is-now-on-robinhood-crypto/)
                    in July of the same year.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/d7c632c08176262a32a4eb428c2887133f13ecb8-1600x986.png?w=800)


                    Today, Robinhood is doubling down on crypto with the
                    announcement of the
                    [Robinhood](https://messari.io/report/robinhood-chain-three-key-takeaways)[
                    ](https://messari.io/report/robinhood-chain-three-key-takeaways)[Chain](https://messari.io/report/robinhood-chain-three-key-takeaways),
                    a layer-2 (L2) built with
                    [Arbitrum](https://messari.io/project/arbitrum), and the
                    expansion of its crypto footprint. 


                    Robinhood’s DNA, retail-first, crypto-friendly, and
                    attention-driven, makes it a natural candidate to experiment
                    with branded or celebrity stablecoins. Given that its CEO,
                    Vlad Tenev,
                    [stated](https://x.com/vladtenev/status/1942632139503116622)
                    that “tokenization is the greatest innovation in capital
                    markets since the central limit order book,” we expect
                    ambitious strategies to be implemented to win market share,
                    and celebrity stablecoins would be far from the boldest move
                    they’ve made.


                    #### **Stripe and Coinbase**


                    Other fintechs are moving in similar directions. Stripe
                    launched stablecoin financial accounts across [101 countries
                    in
                    mid-2025](https://stripe.com/blog/introducing-stablecoin-financial-accounts),
                    powered by Bridge, and is reportedly building a [Layer-1
                    (L1),
                    “Tempo,”](https://cryptobriefing.com/stripe-builds-tempo-blockchain-paradigm/)
                    in partnership with Paradigm. While less bold in targeting
                    retail than Robinhood, Stripe would likely not hesitate to
                    compete head-on with branded stablecoins to stay competitive
                    due to its focus on execution and what works.


                    Coinbase has aggressively expanded its infrastructure
                    footprint with the launch of **Base**, while signaling
                    ambitions to build an “[everything
                    app](https://www.cnbc.com/2025/07/16/coinbase-steps-into-consumer-market-with-stablecoin-powered-everything-app-that-goes-beyond-trading.html)”
                    integrating stablecoins, tokenized stocks, and DEX
                    integrations. As it attempts to compete with players like
                    Robinhood entering crypto from fintech, it will need to
                    compete on all major fronts, and branded stablecoins would
                    certainly not be off the table.


                    The intense competition emerging from the TAM and
                    profitability of stablecoins is likely to push tech-savvy
                    giants in fintech and crypto to pursue ambitious strategies
                    to win market share, increasing the likelihood of branded
                    stablecoins and even celebrity stablecoins reaching the mass
                    market.


                    #### **Well-Backed Startups**


                    As discussed above, startups like **Agora** and **M0** are
                    already developing white-labeled solutions for third-party
                    brands and companies. As the competitive frontier shifts
                    toward loyalty and attention, these firms, still in search
                    of product-market fit, are likely to lean harder into
                    branded stablecoins as a natural extension of their core
                    strategy.


                    #### **Pressure on Incumbents**


                    The presence of such ambitious challengers is also
                    pressuring incumbents such as Tether, Circle, and Paxos.
                    Circle has shown urgency with the launch of its own L1,
                    [Arc](https://www.circle.com/blog/introducing-arc-an-open-layer-1-blockchain-purpose-built-for-stablecoin-finance),
                    highlighting the risk that neutral issuers face
                    commoditization if they only compete on existing paradigms
                    rather than move fast in response to competition.


                    ![](https://cdn.sanity.io/images/2bt0j8lu/production/9125ee6a6f96f46b4d07eb7dcbaf4f7f578d2d73-1600x986.png?w=800)


                    ### Branded Stablecoin Outlook


                    Taken together, the competitive picture is clear. As
                    fintechs, crypto platforms, and startups compete to capture
                    stablecoin economics, their track records of bold product
                    launches suggest that **branded tokens and celebrity
                    stablecoins will arrive faster than most expect.** The pace
                    of competition will also force incumbents like Circle and
                    Tether to adapt, shifting their own product strategies in a
                    market where culture and loyalty, not just liquidity and
                    compliance, determine adoption**.**


                    The open questions are when they arrive and which
                    combination of issuers, fintechs, brands, and celebrities
                    will define the category.


                    ## Branded RWAs and Hyper-Tokenization


                    Looking further ahead, the same dynamics that make
                    loyalty-linked stablecoins and celebrity-branded tokens
                    compelling could extend into RWAs as tokenization matures.
                    The combination of programmable loyalty mechanics and
                    attention-based economics will not be confined to payments.
                    Over time, it may apply to a broad range of tokenized
                    assets.


                    Consider a world where Apple stock or 10-year U.S.
                    Treasuries exist at scale as tokenized instruments. In such
                    a scenario, we could plausibly see products like _Taylor
                    Swift Apple (TsAAPL)_ or _MrBeast 10YR_, wrappers that
                    bundle mainstream financial products with the loyalty hooks
                    and cultural cachet of a celebrity or brand. Just as with
                    stablecoin issuers, tokenized asset issuers could create
                    white labeled or co-branded tokens to increase attention.
                    These instruments would not replace the underlying assets.
                    Instead, they would serve as distribution layers that
                    differentiate commoditized financial exposure through
                    consumer engagement, perks, and brand alignment as all
                    assets make their way onchain.


                    To be clear, this scenario requires significant
                    infrastructure buildout, regulatory clarity, and cultural
                    acceptance. Tokenization of RWAs remains in its early
                    innings. BlackRock’s BUIDL fund surpassed [$2.3B in
                    AUM](https://app.rwa.xyz/treasuries), and Franklin
                    Templeton’s tokenized money market fund crossed
                    [$750M](https://app.rwa.xyz/treasuries), but these remain
                    small fractions of global financial flows. Regulatory
                    frameworks could also evolve in ways that restrict branded
                    overlays. For example, it is entirely plausible that U.S.
                    regulators draw a hard line between tokenized Treasuries as
                    institutional instruments and consumer-facing loyalty
                    mechanics layered on top. In the near term, such
                    restrictions may even be the base case.


                    Still, the playbook is already visible. If celebrity
                    stablecoins demonstrate that loyalty + attention can drive
                    adoption in a commoditized category like money, it is only
                    natural that the same model would be applied to tokenized
                    equities, treasuries, real estate, and other RWAs once the
                    rails are in place. Financial products long treated as
                    purely functional could be reimagined as distribution
                    contests layered with cultural identity and loyalty
                    economics**.**


                    The broader lesson is that user-facing design can redefine
                    categories once assumed to be interchangeable. Stablecoins
                    will show this first, but tokenized RWAs could follow a
                    similar arc: from unbranded utilities to branded
                    experiences, where culture determines who wins market share.


                    ## Conclusion


                    This report highlights where the next competitive bottleneck
                    will emerge in the stablecoin and broader tokenization
                    markets. Over the next 3-5 years, competition is likely to
                    shift from distribution, already well underway, to loyalty
                    and attention, where branded and celebrity stablecoins will
                    become the decisive battleground. Stakeholders that begin
                    preparing for this transition now, through strategic
                    partnerships, early experiments in loyalty design, and
                    organizational readiness to move quickly, will be positioned
                    to separate themselves from slower-moving incumbents and
                    TradFi entrants.


                    Winning distribution today is necessary, but it is **not
                    sufficient.** The deeper challenge is anticipating what
                    comes next: the fusion of crypto-native culture with
                    traditional financial assets, and eventually the rise of
                    branded RWAs**.**


                    Importantly, the current U.S. administration has signaled a
                    more favorable stance toward crypto innovation, creating an
                    environment where **boldness, not caution, is rewarded.**
                    The blending of memetic cultural distribution engines with
                    financial utility is likely to define the next adoption
                    wave.  


                    The lesson is simple: do not assume that TradFi will simply
                    impose its systems and values on crypto. Historical
                    transitions are never that straightforward. Instead, we
                    should expect a **two-way exchange**, where crypto-native
                    culture, community, and design reshape how traditional
                    assets are packaged, distributed, and competed over. The
                    winners of the tokenization era will be those that recognize
                    this dynamic early and align their strategies accordingly.
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                    branded RWAs, where tokenized assets are reimagined through
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                    prepare now for this transition, as the fusion of
                    crypto-native culture with traditional finance will reshape
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                    Beyond the Stablecoin Distribution Bottleneck: Branded
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