Remitly's moat is eroding as Stripe cuts prices and offers remittance in 100 countries, eliminating the barriers of legal jurisdictions, banking laws and KYC. Stripe can now push the service itself rather than only supply rails, and a possible Remitly stablecoin partnership with Stripe uses a pipe open to anyone. Lower barriers erode pricing and raise marketing costs and churn, shrinking terminal value; only the market's melt-up mode is keeping this news from hitting the stock. x.com