Delphi Digital's latest report, 'Apps and Chains, Not Issuers,' suggests a paradigm shift in the stablecoin market, emphasizing distribution power over issuer dominance. Currently, Tether and Circle control approximately 85% of the stablecoin supply, but their dominance is waning as ecosystem-native stablecoins and white-label issuance gain momentum. The report highlights three main drivers of this shift: distribution advantages, cross-chain interoperability, and regulatory clarity. Hyperliquid's launch of its native stablecoin, USDH, aims to capture revenue streams traditionally dominated by Circle and Coinbase. Additionally, platforms like Jupiter and MegaETH are integrating stablecoins to internalize yield, while Sui and others are adopting white-label solutions. This trend indicates that chains and apps with robust distribution capabilities are redefining stablecoin economics, potentially altering valuation models in the crypto sector.