> ## 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 research reports

> Returns a list of research reports based on filters like asset ID and tags



## OpenAPI

````yaml GET /research/v1/reports
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:
    get:
      tags:
        - research/Research Reports
      summary: Get research reports
      description: >-
        Returns a list of research reports based on filters like asset ID and
        tags
      operationId: getResearchReports
      parameters:
        - in: query
          name: limit
          description: Limit must be less than or equal to 1000
          schema:
            format: int64
            type: integer
            default: 10
        - in: query
          name: page
          schema:
            format: int64
            type: integer
            default: 0
        - in: query
          name: assetId
          description: 'Example: `4515ba15-2719-4183-b0ca-b9255d55b67e`'
          schema:
            format: byte
            type: string
        - in: query
          name: tags
          description: 'Example: `stablecoins`, `defi`'
          schema:
            items:
              type: string
            type: array
      responses:
        '200':
          content:
            application/json:
              schema:
                properties:
                  data:
                    items:
                      $ref: '#/components/schemas/ResearchReport'
                    type: array
                  error:
                    type: string
                  metadata:
                    $ref: '#/components/schemas/Pagination'
                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: 4515ba15-2719-4183-b0ca-b9255d55b67e
                        name: USDC
                        symbol: USDC
                        slug: circle-usdc-stablecoin
                      - id: 51f8ea5e-f426-4f40-939a-db7e05495374
                        name: Tether
                        symbol: USDT
                        slug: tether
                      - id: ad1342eb-a5fe-4c60-b37e-71a8859f0fea
                        name: Pax Dollar
                        symbol: USDP
                        slug: pax-dollar
                      - id: 784b12bc-b284-4689-9b97-8ea7fec440ba
                        name: Agora Dollar
                        symbol: AUSD
                        slug: agora-dollar
                      - id: bcbe9ab0-8a03-4295-bd4c-5e4d7caf1026
                        name: Official Trump
                        symbol: TRUMP
                        slug: official-trump
                    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.
                    hook: >-
                      This report examines how stablecoin competition is moving
                      beyond distribution toward loyalty and attention, arguing
                      that branded and celebrity stablecoins, and eventually
                      branded RWAs, will define the next phase of tokenization.
                    publishDate: '2025-08-22T17:21:00Z'
                    readingTimeInMinutes: 15.331666666666667
                    slug: >-
                      beyond-the-stablecoin-distribution-bottleneck-branded-stablecoins-loyalty-programs-the-attention-economy-celebrity-stablecoins-and-the-convergence-of-tradfi-fintech-and-crypto
                    subscriptionTier: enterprise
                    summary: >-
                      This report explores how stablecoin competition is
                      shifting beyond distribution toward loyalty and attention
                      as the decisive drivers of adoption. Drawing lessons from
                      the history of credit cards, it argues that branded and
                      celebrity stablecoins will emerge as the next stage of
                      differentiation, extending into co-branded and
                      white-labeled tokens. The analysis also considers the
                      eventual rise of branded RWAs, where tokenized assets are
                      reimagined through cultural and loyalty overlays.
                      Stakeholders are urged to prepare now for this transition,
                      as the fusion of crypto-native culture with traditional
                      finance will reshape the trajectory of tokenization.
                    tags:
                      - id: b91556d7-765c-4b98-b11f-665485c2d908
                        name: Stablecoins
                      - id: 3cf4ee65-4f37-4130-9bb6-5a899a64fb68
                        name: Memecoins
                      - id: 9a329d89-97bb-4b33-a1a4-2cb0e3d63afe
                        name: Tokenomics
                      - id: 50fa434c-ec22-4af1-940e-0c140864a22c
                        name: Web3
                      - id: 8ef53cf6-d66a-48e3-bf0d-03da8cfdca14
                        name: Consumer
                    title: >-
                      Beyond the Stablecoin Distribution Bottleneck: Branded
                      Stablecoins, Loyalty Programs, the Attention Economy,
                      Celebrity Stablecoins, and the Convergence of TradFi,
                      Fintech, and Crypto.
                  - id: 21fed96f-3bdf-4bf5-8bed-08e4659f2aff
                    createdAt: '2025-01-24T05:42:19Z'
                    updatedAt: '2025-01-24T15:06:42Z'
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                      - 7e532302-9ced-4e90-8c8a-218a38e1dbba
                    assets:
                      - id: bcbe9ab0-8a03-4295-bd4c-5e4d7caf1026
                        name: Official Trump
                        symbol: TRUMP
                        slug: official-trump
                      - id: 7e532302-9ced-4e90-8c8a-218a38e1dbba
                        name: Melania Meme
                        symbol: MELANIA
                        slug: melania-meme
                    authors:
                      - id: 2a49c71e-ac60-4630-a145-f16bec762ed0
                        name: Sunny Shi
                        image: >-
                          https://cdn.sanity.io/images/2bt0j8lu/production/fcf26337bf630d89555757f090a2e4fd15b742ca-256x256.webp?w=100
                        linkedinUrl: ''
                      - id: ee645061-729f-49c2-96ff-4aaf1eb62050
                        name: Kinji Steimetz
                        image: >-
                          https://cdn.sanity.io/images/2bt0j8lu/production/3b1398c35274334eacecb25fdf6931db9ae91634-512x512.png?w=100
                        linkedinUrl: ''
                      - id: f69a6e38-eed2-489d-956f-df03541a8992
                        name: Andrew Dyer
                        image: >-
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                        linkedinUrl: ''
                      - id: 6a7f467f-5dbf-4ba5-a8b4-499af94fd2c4
                        name: Dylan Bane
                        image: >-
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                    content: >-
                      On January 17th, President Donald Trump launched a
                      memecoin on Solana,[
                      $TRUMP](https://messari.io/project/official-trump), which
                      quickly reached a peak valuation of $76 billion within 48
                      hours. The surge was cut short when the First Lady
                      launched her own token,
                      [$MELANIA](https://messari.io/project/melania-meme), on
                      January 19th. The new token pulled liquidity from $TRUMP,
                      causing its price to drop from around $75 to $30 in under
                      an hour.


                      ![](https://cdn.sanity.io/images/2bt0j8lu/production/bcab3f6157ed2c2a3ca37bf80a6072c5d00465f5-1600x1119.png?w=800)


                      Beyond the price movement, the launch had a broader impact
                      on the crypto market. Solana recorded its highest daily
                      DEX volume, with
                      [DeFiLlama](https://defillama.com/dexs/chains/solana)
                      reporting $85 billion in trading, though many users
                      reported network congestion and failed transactions.
                      [Moonshot reportedly onboarded over
                      400,000](https://x.com/moonshot/status/1880783442243416505)
                      users in less than 24 hours, marking one of the largest
                      single-day influxes of new participants onchain.


                      ![](https://cdn.sanity.io/images/2bt0j8lu/production/50444d9810f3eec642bfdc7aea01b7fcbbe4c75e-1600x900.png?w=800)


                      The response has been mixed. Some see it as a sign of
                      growing adoption, with a U.S. president launching a token
                      onchain and driving new user activity. Others point to the
                      token’s distribution, with the Trump administration
                      appearing to control 80% of the supply, raising concerns
                      about insider allocations. The locked tokens are
                      distributed across six entities, labeled “Creators and CIC
                      Digital 1-6,” with lock-up periods ranging from 3 to 12
                      months. After this period, an initial unlock of either 10%
                      or 25% will occur, followed by gradual daily releases over
                      two years.


                      With the dust settling, the focus shifts to what this
                      means for broader market dynamics and whether it signals a
                      lasting shift or just another short-lived cycle.


                      ### Sunny Shi ([@defi_monk](https://x.com/defi_monk))


                      The launch and subsequent market reaction to the $TRUMP
                      coin can be seen as a "pull forward" event, providing
                      valuable insight into the trajectory and potential length
                      of the current crypto cycle. Simultaneously, the token’s
                      meteoric rise underscores the cumulative progress made by
                      the crypto industry—and Solana specifically—over the past
                      few years. This development signals a remarkably bullish
                      outlook for the future of blockchains as places to trade
                      anything, anywhere, at any time.


                      ![](https://cdn.sanity.io/images/2bt0j8lu/production/f4a0e4d2d1709eb8373feb1069c098b6c5087081-1600x986.png?w=800)


                      $TRUMP has rapidly pulled forward a significant amount of
                      retail adoption overnight. The move is reminiscent of the
                      $70B+ of market cap that DOGE added in April of 2021,
                      which was one of the largest crypto onboarding catalysts
                      that ever occurred. With over 400,000 new downloads of
                      Moonshot (which was [listed](https://gettrumpmemes.com/)
                      on the memecoin’s website as a trading venue for the
                      token), it appears as if this time, the retail bid came
                      through. While many of these new entrants may remain
                      engaged in trading crypto, it’s worth noting that DOGE’s
                      explosive rise in 2021 marked the later stages of that
                      cycle, as it condensed months of gradual user acquisition
                      into a singular, concentrated event.


                      Many on crypto twitter have lamented the continued
                      resilience of memecoins and their trading activity,
                      probably because the “Solana Casino” is comparatively less
                      compelling than more innovative sectors like DeFi.
                      However, this phenomenon ultimately reflects the growing
                      demand for blockspace, driven by advancements in execution
                      environments like Solana, which offer faster and more
                      affordable access to that blockspace. This marks a
                      significant victory for Solana, which recorded over $1
                      billion in $TRUMP-related
                      [volume](https://x.com/CSURAM88/status/1880477851738378738)
                      within the first three trading hours and saw $80B in
                      market cap generated in less than 24 hours. Also of note,
                      Hyperliquid was able to
                      [list](https://x.com/stevenyuntcap/status/1880652922289336830)
                      liquid TRUMP perps
                      [within](https://x.com/HyperliquidX/status/1880486665460019356)
                      a few hours of the coin launching, highlighting how
                      quickly onchain protocols can spin up liquid markets to
                      capitalize on speculation. 


                      ![](https://cdn.sanity.io/images/2bt0j8lu/production/0527e32d5e44cf6095a3963a31e0a5e3c7777dd3-1600x900.png?w=800)


                      Remarkably, $TRUMP is trading at a higher valuation and is
                      generating more volume than the Trump Media & Technology
                      Group
                      ([DJT](https://finance.yahoo.com/quote/DJT/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAABLOPLKe_82TakWpYW_8vcFHoWkYEZ2TugF_yTI84HvneT-oexZHlRthK6kPiyqpF-hq8wLo7AS-Iu2Ig1K5yQNhDRWeExACtx5MXe50DcHSVW9D4k0BzegO2VInsM_GoBKoXGJLwI3jOHnZ6Xnh3IchMYC1qYFxclcDkBrQ_kGm)),
                      which has historically been the primary speculative asset
                      tied to Trump’s influence. If the future of trading lies
                      onchain, this event serves as compelling evidence that the
                      industry is moving in the right direction.


                      ### Kinji Steimetz
                      ([@SteimetzKinji](https://x.com/SteimetzKinji))


                      The launch of $TRUMP is more than just another meme
                      coin—it’s a financial manifestation of the Trump
                      administration’s positive stance toward crypto. Having a
                      sitting president effectively endorse and launch a token
                      signals a stark shift in policy from the previous
                      administration, marking what appears to be a full embrace
                      of onchain digital assets. While the short-term market
                      impacts remain uncertain, it’s hard to ignore the broader
                      implications. This isn’t just regulatory chatter or
                      campaign rhetoric; it’s a direct move into the crypto
                      space, signaling a government that, at least for now, sees
                      value in fostering digital asset creation.


                      That said, winning this battle doesn’t mean the war is
                      over. The launch of $TRUMP—and now $MELANIA—also reveals a
                      counter-narrative. It suggests that this administration,
                      while currently aligned with crypto’s interests, is
                      ultimately driven by opportunism rather than any deep
                      ideological commitment to decentralization or financial
                      sovereignty. Right now, the incentives are aligned, and
                      crypto benefits from Trump’s willingness to lean into it.
                      But if that alignment shifts—whether due to policy
                      priorities, shifting political landscapes, or succession
                      planning—crypto could just as easily find itself back on
                      the chopping block.


                      This administration isn’t championing crypto because it
                      believes in its core principles; it’s leveraging crypto
                      because it’s politically expedient. That distinction
                      matters. It means there’s an increased risk of extractive
                      behavior, where crypto is embraced only as long as it
                      serves a political purpose. The concern isn’t immediate,
                      but it’s worth keeping in mind that the same
                      administration that is currently fueling optimism could
                      just as easily turn predatory if the incentives no longer
                      align.  
                        
                      Crypto may be in the spotlight now, but at some point in
                      the next four years….  



                      ![](https://cdn.sanity.io/images/2bt0j8lu/production/9b72950d3259715a194e4ff251a8353f4065f064-738x499.jpg?w=800)


                      ### Dylan Bane
                      ([@dylanebane](https://x.com/dylangbane))                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               


                      The TRUMP and MELANIA token launches serve as a fitting
                      prelude to the next 4 years of crypto under the Trump
                      Administration–chaos. Trump’s first term was marked by
                      unpredictability, sensationalism, and a virtual monopoly
                      on media attention. With crypto, Trump has perhaps found
                      perfect personality-market fit, with the potential to
                      hyper-financialize Trump’s talent of owning narratives and
                      controlling the attention market’s center stage. 


                      Trump has good reason to take advantage of crypto to
                      rapidly increase his liquid assets. Over the course of his
                      presidential campaign, Trump faced fines exceeding [$500
                      million in a Civil
                      Suit](https://www.cbsnews.com/news/trump-new-york-fraud-case-502-million-inauguration/),
                      putting at risk the entirety of his liquid holdings. While
                      Trump’s net worth [fluctuated between $3-$8
                      billion](https://www.cbsnews.com/news/trump-new-york-fraud-case-502-million-inauguration/)
                      in the last year, much of this wealth is tied up in TMTG
                      stock subject to vesting periods, intangible brand value,
                      and illiquid real estate—leaving him vulnerable to a cash
                      crunch.


                      The launch of the TRUMP token dramatically altered this
                      landscape. Within a single day, Trump’s net worth
                      reportedly surged tenfold to over $60 billion, with the
                      token comprising as much as 90% of his wealth. Publicly,
                      Trump has downplayed the significance of this windfall,
                      calling his newfound billions as [“peanuts to these
                      guys,”](https://www.bbc.com/news/articles/crlkjejpwr8o) in
                      reference to the tech titans shaping AI policy in his
                      administration. However, the prominence of the token
                      launches across Trump’s social media and the active
                      involvement of his three sons—who are spearheading
                      projects like the World Liberty Financial DeFi
                      platform—signal that the former president is taking crypto
                      seriously behind the scenes.


                      Trump now knows he can singlehandedly drive crypto’s
                      “trenches” without meaningful repercussions. In an
                      industry driven by narratives and mindshare, the markets
                      could be at Trump’s mercy for the next 4 years, with
                      random token launches, exaggerated policy promises, and
                      sudden crypto policy advisor reshufflings. Just take the
                      impromptu launch of the MELANIA token which triggered an
                      immediate sell-off in AI tokens and memecoins, while also
                      straining foundational blockchain infrastructure on
                      Solana. Similar events could occur regularly over the next
                      4 years.


                      This state of affairs creates an interesting situation
                      where majors and institutionally approved tokens will
                      likely stand to gradually benefit from pro-crypto
                      regulation and close industry relationships with Trump,
                      while low-market cap tokens in the “trenches” that appeal
                      mostly to retail will react violently to any of Trump’s
                      actions. Such tokens appealing to retail are now subject
                      to even more volatility and risk with potential blackhole
                      liquidity events happening at any time due to Trump. How
                      Trump’s unique personality combined with his embracement
                      of crypto will affect markets will almost certainly create
                      situations in the crypto markets that we’ve never seen
                      before.


                      Whether tying the fate of memecoins and retail favorites
                      to the capriciousness of Trump’s second term ends up
                      benefiting the industry remains to be seen.


                      ### Andrew Dyer
                      ([@0xSynthesis1](https://x.com/0xSynthesis1))


                      There’s a version of the universe out there where MELANIA
                      never launched, TRUMP went to $100, and the new users
                      onboarded through venues like Moonshot went on to invest
                      even more in crypto after a good first trade. Instead, the
                      second launch soured sentiment, siphoned liquidity from
                      95% of tokens, and mostly confused participants as to the
                      market’s next move. The event largely interrupted the
                      strong momentum the agent vertical was experiencing, and
                      now people seem unsure of what the dominant meta to
                      allocate to is. But given no other meta has emerged as a
                      forerunner, and AI more generally is probably still the
                      most interesting sector to build around, I think capital
                      flows back there after BTC finds its footing.


                      For as much as we might hone in on this event as a
                      significant retail onboarding event, we may want to think
                      about how impactful that is on a relative basis. It was
                      [noted](https://x.com/JasonYanowitz/status/1882238816507089220)
                      that some 80%+ of TRUMP holders hold less than $1000 worth
                      of assets in their individual wallets. 400,000 new people
                      onchain bringing $1000 of fresh capital into the
                      ecosystem… is less than half of the
                      [inflows](https://farside.co.uk/btc/) (~$800M) the BTC
                      ETFs received on the 21st. In that sense, TRUMP is more
                      relevant for onchain flows for short-term traders, but
                      probably inconsequential for the flows that will move the
                      entire market. Given we’re already seeing a new [task
                      force](https://www.sec.gov/newsroom/press-releases/2025-30)
                      led by crypto-friendly regulators, the
                      [repeal](https://www.coindesk.com/policy/2025/01/23/sec-withdraws-controversial-crypto-tax-accounting-bulletin)
                      of SAB-121, and a new working
                      [group](https://www.banking.senate.gov/newsroom/majority/scott-applauds-president-trumps-executive-order-to-create-working-group-on-digital-asset-markets)
                      led by Senator Lummis, the changes that are needed to
                      bring large additional flows into the market in the
                      medium-term are already underway.
                    hook: >-
                      Trump’s memecoin launch sent Solana trading to record
                      highs—but what does it mean for the broader crypto market?
                    publishDate: '2025-01-24T12:45:51.361Z'
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                      Our analysts break down the launch of $TRUMP and $MELANIA,
                      their impact on Solana’s record $85 billion DEX volume,
                      and the market’s reaction. While some view this as a major
                      milestone for crypto adoption, concerns over insider
                      allocations and political opportunism remain. The event
                      also raises questions about long-term market trends, the
                      role of memecoins, and how Trump’s engagement with crypto
                      might shape the industry over the next four years.
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