Fireblocks: As TradFi Enters the Stablecoin Arena, Tether and Circle Will Face Intense Competition

According to Jinse, Fireblocks, a specialist in digital asset encryption and custody, stated that competition for dominance in the stablecoin sector is entering its third phase. As the industry faces increased regulation from the EU's Markets in Crypto-assets (MiCA) framework and legislative measures under review in the US Congress, major token issuers like Tether and the second-largest issuer, Circle, are consolidating their positions. Fireblocks' Senior Vice President of Payments, Ran Goldi, noted that in the latest phase, both small and large banks, along with existing payment companies, are involved in considering the best ways to integrate tokens into their existing operations. Goldi indicated that up to 50 stablecoins are expected to emerge by the end of this year.