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Adrien Stern
8 hours ago


THE STABLECOIN SHOWDOWN

The stablecoin market is heating up, but the future remains uncertain. Will one
stablecoin dominate, or will multiple players coexist in a diverse ecosystem?

595 Total views
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Opinion
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Opinion by Adrien Stern, founder and CEO of Reveel

Stablecoins have been hailed as crypto’s killer use case. Businesses, banks,
payment providers, projects, tech giants and governments are getting on board
with leveraging crypto without its volatility. For consumers, stablecoins are a
way to seek refuge with gains during bear markets and regulatory uncertainty. 

The recent acquisition of Bridge by Stripe for $1.1 billion proves that
stablecoins are a bright spot in the sector and are here to stay. They’re not
merely another fast fad that loses its sizzle as the market swings. Stablecoins
are an essential and reliable digital asset in the future financial ecosystem. 

The question then becomes not if but who. In this sector-wide arms race, will
one stablecoin dominate, or will a multi-stablecoin ecosystem succeed? 

The industry has a growing graveyard of stablecoins. According to DefiLlama,
only two out of 200 stablecoins had a market cap of over $10 billion in 2024.
Regulations, economic conditions and public sentiment shape the future
stablecoin ecosystem. It’s still the early days of the grand scheme of
stablecoins. 


THE STABLECOIN VALUE PROPOSITION 

Everyone wants a stablecoin. Fintech giants like PayPal, Robinhood and Revolut
have launched their stablecoin, or plan to, soon. Financial institutions like
BlackRock, Sony Bank and BBVA are getting into the game. Even the state of
Wyoming has announced plans to issue its stablecoin. The stablecoin rush reveals
desires from all corners of tech and finance to have control over a digital
currency to drive user adoption and revenue. 

Stablecoins facilitate cheaper trade, payments and cross-border transactions.
Issuers can earn interest on reserves held in treasuries, banks or other
low-risk assets. Stablecoins are heavily used in lending protocols and earn
additional fees. Collaborations with fintech firms and payment processors drive
more use cases. 

Established brands, including Tether and Circle, have built significant market
trust, creating barriers for new entrants. The stability and transparency of
reserve backing are critical factors that influence user choice. 

Recent: SCB 10X debuts Rubie Wallet with Thai baht and US dollar stablecoins

The leading players can be grouped into two categories: dominant forces and the
new entrants/unexpected challengers. The dominant forces include Tether’s USDt
USDT $1.00 , Circle’s USD Coin USDC $0.9995 and MakerDAO’s Dai DAI $0.9997 .
USDT, the first mover, is notorious for regulatory scrutiny yet remains the most
used due to deep liquidity. USDC is known for regulatory compliance and is
favored by institutions. DAI is the leading decentralized stablecoin, backed by
a basket of crypto assets rather than fiat. 

The emerging players holding a slice of the pie include government-backed
digital currencies (CBDCs), algorithmic stablecoins such as Frax FRAX $0.9846
and GHO, and fintech stablecoins like PayPal’s PYUSD PYUSD $0.9999 . 


THE CASE FOR A UNIPOLAR SYSTEM 

A dominant stablecoin benefits from increasing adoption, making it more valuable
and liquid. Trust in a single issuer can drive a winner-takes-all outcome. The
first stablecoin to secure full regulatory approval globally could set the
standard. 

It’s essential to recognize that, like chains, different stablecoins serve
varied needs — payments, decentralized finance (DeFi), remittances and
cross-border trade. Local preferences and regulations may lead to
region-specific leaders, such as Asia favoring CBDCs and South America shielding
against inflation. Interoperability and crosschain solutions may support a
coexistence model. The ability to transact with different stablecoins and set up
automatic swaps is the user experience of the future. 

A secure stablecoin ecosystem is critical for investors, consumers and the
broader financial space. Investors require exposure to the growing stablecoin
market through investments in issuers and associated technologies. There are,
however, risks of regulatory crackdowns, reserve management and technological
failures, which encourage diversified bets across multiple stablecoins. 

For consumers, stablecoins provide cheaper and faster payments, particularly for
international transactions. The access to DeFi via a gateway to lending,
borrowing and earning interest outside traditional banking continues to be a
unique advantage. It’s also a safer haven to house earnings when compared with
volatile cryptocurrencies and coins. 

Stablecoins pose a possibility of reforming the financial system, and
institutions are waking up to it. Payment companies like Stripe — through its
acquisition of Bridge — or Visa, are offering stablecoin issuance as a service,
helping firms launch their own tokenized assets. A proliferation of stablecoins
is likely in the coming months. Whether they survive will depend on the
infrastructure developed to support a multi-stablecoin economy.  

With a growing list of innovations and initiatives, it’s clear that the
stablecoin war is more than a crypto conflict. It’s a battle over who will usher
the world into the next iteration of digital money. The space can use more
people closely following the stablecoins rather than the shitcoins. 

Stablecoins are here to stay, and how the ecosystem evolves will redefine
financial services for everyone, everywhere.  

Adrien Stern is the founder and CEO of Reveel, an omnichannel payments
infrastructure that enables one-click crosschain payments and connects people
across borders and networks. Before founding Reveel, Adrien led the digital
transformation team at BNP Paribas CIB. He was previously a venture builder and
owns another company — Bridge Music — a record label and recording studio.
Adrien has a bachelor’s degree in sciences of management from the University of
Lausanne and a master’s in business administration from Esade. 

This article is for general information purposes and is not intended to be and
should not be taken as legal or investment advice. The views, thoughts, and
opinions expressed here are the author’s alone and do not necessarily reflect or
represent the views and opinions of Cointelegraph.

Explore more articles like this

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analysis, and uncovers new financial opportunities to help you make smart
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 * #Cryptocurrencies
 * #Finance
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 * #Stablecoin
 * #DeFi


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