When Circle Internet Group announced its $400 million acquisition of Singapore-based Tazapay, it was betting that better distribution could solve a deeper problem — how to grow a stablecoin in a world where stablecoins are becoming interchangeable. Markets answered swiftly, sending the stock down 11 percent in a shortened trading week, a reminder that in commoditized industries, owning more infrastructure does not always mean owning more advantage. The deal raises an enduring question in business: whether expanding reach can substitute for differentiation.