Tether co-founder’s new project STBL is quietly redefining the way stablecoins work. Rather than being just a second-generation stablecoin product, it is building a set of infrastructure for Money as a Service — allowing enterprises to issue their own compliant stablecoins, games to do so, and even cities to create their own tokens. This is not just a name change, but a redefinition of stablecoins from speculative tools to the foundational support of economic systems. Starting from 2025, the potential for ecosystem-specific stablecoins is being unlocked, based on the logic that DeFi needs more customized value carriers, rather than everyone being stuck with the same standardized solutions.