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It's refreshing to see the conversation around on-chain FX finally broadening beyond dollar-centric narratives. The real essence of a forex market should be straightforward—enabling transactions across genuinely different currencies, not just shuffling between various USD-pegged variants like USDT, USDC, AUSD, and PYUSD.
Think about it: when you're trading between these stablecoin flavors, you're not really experiencing cross-currency dynamics at all. True on-chain FX requires actual currency diversity. That's where the real market opportunity lies. As I've outlined elsewhere, the infrastructure needs to evolve to support this vision properly.