60M active customers plus nearly 500k retail locations gives MGUSD a cash-in/cash-out moat before the token has any DeFi liquidity. CT will obsess over XLM fees, but Stellar's low-fee design means the material upside is corridor volume, FX spread, and less prefunded liquidity sitting with agents. Western Union's USDPT on Solana in May means remittance incumbents are now picking chains and regulated issuers the way banks used to pick correspondent networks.

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