Stablecoin development has shifted from “ship a token” to “operate a redemption business with software.”
In the last cycle, teams over-indexed on smart contract issuance while under-building the hard parts: reserve models, admin controls, and compliance integration. That’s why stress events create runs—not because code fails, but because governance and redemption paths fail.
Broken assumption: “Stability is a market outcome.” Correction: stability is an operational guarantee, designed into collateral and controls from day one.