USDT on Tron processes the kind of daily volume Plasma pitches as its TAM, and it's done so for years with crappy UX that nobody's managed to migrate off. Account abstraction plus smart wallets on existing rails capture most of the UX thesis Zaheer is selling, without asking issuers to move liquidity to a new chain. Vertical-chain pitch works in a VC deck — on-chain, the sticky stablecoin flows are already where they're going to stay.

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