# DEBATE: Ethena Labs, CAP Labs/Qidao - Future of Stablecoin Fragmentation

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 19:37
- Watch: https://streameth.org/watch/yt-63CBnqqxJk0
- YouTube: https://www.youtube.com/watch?v=63CBnqqxJk0

## Description

1v1 DEBATE: Future of Stablecoin Fragmentation; ""Winner(s) Take Most"" vs Coexisting with 1,000 Stablecoins?

Debators:
Seraphim (Ethena Labs) vs Benjamin Lens (CAP Labs/Qidao)
Moderator: Monetsupply, Risk Analyst, Block Analitica