Новое использование стейблкоинов в США: будет ли это борьба до последней монеты? New Use of Stablecoins in the US: Will It Be a Fight to the Last Coin?

The anticipated wave of launching stablecoins in the United States could lead to a zero-sum competition. This is reported by CoinDesk, citing a JPMorgan report.

Analysts at the bank, led by Nikolaos Panigirtzoglou, noted that the sector has recently expanded significantly to $270 billion. However, its share of the cryptocurrency market has remained nearly unchanged since 2020, hovering around 8% of the total market capitalization.

Experts believe this trend indicates that the expected emergence of new players in the sector may merely result in a redistribution of the market, should there not be substantial growth across the entire industry.

The recent introduction of the GENIUS Act regulating stablecoins in the U.S. has already sparked a wave of new asset launches, as highlighted by JPMorgan. FT reporters pointed out back in March the plans of certain global banks and fintech firms regarding such assets, coining it a «stablecoin race.» Most of these initiatives are primarily aimed at competing with the dominant U.S. stablecoin, USDC from Circle.

In September, the leading decentralized exchange for perpetual contracts, Hyperliquid, selected an issuer for its own coin, USDH. This decentralized platform accounts for roughly 7.5% of circulating USDC.

The company behind USDT, Tether, has introduced USAT — a stablecoin that fully complies with the requirements of the GENIUS Act.

Circle’s position could also be threatened by coins from fintech giants like PayPal (PYUSD), Robinhood, and Revolut, according to analysts.

In response, the issuer of USDC is developing Arc — a blockchain specifically tailored for stablecoin operations. This solution aims to enhance transaction speed, security, and cross-chain compatibility. Additionally, the company has deepened its integration with Hyperliquid.

In June, Circle went public on Nasdaq and subsequently submitted an application for a trust bank license in the U.S.

The market capitalization of the leading stablecoin, USDT, stands at approximately $171.5 billion, while USDC is nearly $74 billion.

Rising to sixth place in the rankings with an approximate value of $2.7 billion is USD1 from the DeFi platform World Liberty Financial, which is linked to the family of U.S. President Donald Trump.

The supply of PYUSD, launched by PayPal in August 2023, does not exceed $1.4 billion.

In September, Kyle Klemmer, co-founder of Blockstreet promoting USD1, predicted its dominance by the end of the current presidential term in three years.

It’s worth mentioning that Standard Chartered noted that clients are showing greater interest in stablecoins than in Bitcoin.

Patrick Collison, co-founder and CEO of Stripe, explained the appeal of stablecoins for businesses as they enable quicker, cheaper, and more reliable payments compared to traditional systems.