Tether co-founder Reeve Collins explained that while USD-backed stablecoins currently dominate the market, there are emerging competitors and alternative forms of backing, such as money-market funds, gold, and other commodities. In an interview in Dubai, Collins highlighted that such alternatives could provide higher yields for users, which may soon lead to a shift away from reliance solely on US dollars. He emphasized the growing acceptance of stablecoins with recent ventures, particularly mentioning a project associated with Donald Trump, suggesting it lays the groundwork for wider adoption across institutions and governments. The potential for tokenizing various real-world assets could expand the backing options for stablecoins, offering users more diverse choices beyond just traditional currencies, thereby challenging the dollar's cryptocurrency dominance.

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