A recent Delphi report reveals a shift in the stablecoin market from issuance dominance to distribution control. Historically, Tether and Circle have held about 85% of the market share due to network effects. However, the rise of cross-chain interoperability, white-label issuance models, and clearer regulations are eroding these giants' competitive advantages. Decentralized finance (DeFi) and ecosystems are now internalizing revenue through native or white-label stablecoins, retaining interest income that previously went to issuers. This creates a more stable income source than transaction fees. Applications with strong distribution capabilities and user retention are achieving higher cash flows and lower valuation multiples. Meanwhile, public blockchains that fail to reclaim external revenue streams may see their valuation advantages diminish. The report suggests that the future value of the stablecoin economy will depend on who controls distribution and coordination, rather than who issues the tokens.