"Stablecoins Show Signs of Breaking the U.S. Dollar Monopoly"

Uk Jin

Summary

It was stated that the monopoly structure of the U.S. dollar in the stablecoin market may change to a competitive structure.
Reeve Collins, co-founder of Tether, mentioned that new currency-based stablecoins are emerging.
It was explained that money market funds, commodities, and gold will be considered as collateral assets for stablecoins.

There is an opinion that the stablecoin (a virtual asset linked to the value of fiat currency) market, led by the U.S. dollar, is about to undergo changes. It is explained that if stablecoins using currencies other than the U.S. dollar emerge, a competitive structure may arise.

According to Cointelegraph, a cryptocurrency-focused media outlet, on the 28th (local time), Reeve Collins, co-founder of Tether (USDT), stated in an interview, "Currently, U.S. dollar-based stablecoins are leading the stablecoin and real-world asset (RWA) markets, and thus the U.S. dollar has played a role similar to a key currency in the virtual asset market," but added, "However, virtual assets based on other currencies are now emerging."

Collins sees the key to this competition as the collateral assets that can maintain the value of stablecoins. He explained, "In the future, various assets such as money market funds, commodities, and gold can be used as collateral for stablecoins," and "products that can yield high returns on-chain will be prioritized."