Fiatcoins (regulated stablecoins) have dominated conversations these last few weeks with Gemini, Paxos, Coinbase and Circle releasing USD-backed stablecoins. As I’ve written previously, while fiatcoins offer substantial benefits over fiat (e.g. programmability, transferability), they come with the steep cost of potential censorship. But censorship isn’t a business model in and of itself, what is the incentive for businesses to launch fiatcoins?