I'm planning to dive deeper into the adoption trends of non-USD stablecoins in upcoming pieces. But here's something worth noting: the teams developing on-chain FX infrastructure aren't typically crypto-native builders—quite the opposite, actually. Most come from traditional finance backgrounds. As I explored in an earlier piece, the challenge is this: many on-chain FX solutions end up relying heavily on traditional banking infrastructure to function. This dependency creates friction when you're trying to build something truly decentralized. It's a fundamental tension worth thinking about.