The stablecoin industry is evolving, with Tether and Circle preparing for increasing competition from banks and payment companies as regulations tighten. Ran Goldi, SVP of payments at Fireblocks, suggests that up to 50 new stablecoins could emerge this year, as financial institutions explore the best ways to integrate these digital assets into their existing services. The competition is entering a new phase, influenced by regulatory frameworks such as the EU's Markets in Crypto Assets (MiCA) and U.S. legislation. Goldi noted that this growth in stablecoins is aiding cross-border payments, with various banks already offering services that support stablecoin transactions. While Tether's USDT has solidified itself as a leading dollar-pegged token outside the U.S., Circle’s USDC, licensed under MiCA, is well-positioned to access a significant customer base in Europe. The article highlights the significant strategic movements expected from banks and fintechs seeking to capitalize on the growing stablecoin market, indicating a shift in how traditional finance may interact with cryptocurrencies.

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