The Stablecoins market will change its structure. Nic Carter, co-founder of Coinmetrics and Financial Researcher, warns that Exchange’s USD Tether (USDT) and USD Coin (USDC) domains can reduce the increase in new options over the next two years.
Both have a focus on $245,000 million offers, equivalent to 85% Markets with total capitalization exceeding $300,000 millionaccording to current market data.
«Since its creation, only USDT and USDC have maintained significant market share. No one else is approaching,” Carter says. Other attempts from Stubcoins, such as Die, Terra, and Binance Basque, have reached certain allocations between US$1,000,000 and $23,000 million, but have not been able to support themselves.
The biggest acquisition of USDT/USDC double layer occurred in March 2024, resulting in 91.6% of the total market share controlled by these two stable coins, as seen in the following graph. since then It’s falling to 86% and Carter believes it will continue to fall.
“The reason for this is as well as a career aimed at providing new claims from intermediaries and greater returns, along with new regulatory dynamics after the Genius Act.” Grants a stable cryptocurrency legal framework.
New emitters and reduced admission costs
According to Carter, fixed costs for issuing stables have decreased. Platforms such as Anchorage, Brail, M0, Agora, Bridge are uniform Startup In the early stages, they throw their own tokens.
“You don’t have to be a giant to do that,” he said. This generates it Fintech and Neo-Bancos offer a general “dollar” balancerregardless of what Stablecoin supports the reserve.
The defeat of the protocol will also move forward with their own emissions. High lipid cases are important. He organized a bid to select his Stablecoin provider with the aim of reducing USDC dependency. As a result, there was an agreement with the native market. It leaves $5.5 billion USDC on its platformwhich corresponds to 7.8% of the total supply of that currency.
In parallel, wallets like Phantom have launched their own products, such as Phantom Cash, with integrated performance and payments. For Carter, these initiatives show that Generating user buoyancy in third party emitters is no longer appealing.
Growth competition
Meanwhile, stubcoins such as Sky (Maker), USDE (Ethena), Pyusd (PayPal), and USD1 (World Liberty) form new competitive blocks. Names like USDG for Paxos, AGOra for AUSD, and so on. Carter points out that “today there are more offers from Stablecoins ex-Tethher/Circle than ever before, and are distributed over a wider set of emitters.”
Almost every new proposal includes performance strategies. This appeal is focused on providing incentives to move to USDT and USDCmaintains liquidity and adoption, but does not share the benefits of the reserve.
“If you want to convince someone to leave Tether, you’ll have to give him a very valid reason,” adds Carter.
Regulatory changes after the genius allow US banks to release stable under certain conditions: support for high quality liquid assets, 1:1, and regular audits. Carter is not clear that the bank is on sale on a large scalehowever, he believes that he will “start to see them in the next two years” due to the pressure to maintain his deposits and generate income through fees and custody.
Perspectives and risks
Jan Domínguez, a Venezuelan consultant and accountant who specializes in cryptocurrency, believes the opening of the market will be advantageous for recruitment. «Stablecoin is the easiest starting channel for all users. Now it is undoubtedly positive that more actors are definitely positive about the massive use,” he explains in a dialogue with Cryptootics.
However, for Domínguez, USDT and USDC could be strengthened. “They have a key front when it comes to competitors, gaining experience since 2014 and increasing regulatory integrity.”
In that analysis, genius law also addresses the economic objectives of the United States related to sovereign debt. Other countries have also been able to open doors to similar initiatives.
Regarding capitalization, the Dominguez project has fueled the growth of the market capitalization of Stubcoin. “There’s no doubt that new institutional officials, governments and regulators could double or triple this number in five years,” adds that New emitter inputs increase the available fluiditybenefits the ecosystem, particularly Bitcoin (BTC) as an active receiver.
That should behowever, its evolution shows an opening following the concentration pattern. Although quota reductions from 2024 open different scenarios, companies that issue the largest stable cryptocurrency issuers in the market remain dominant.
Nic Carter sums it up with the phrase “I’m experiencing a waterparter in Stablecoins.”
In fact, competition is no longer hypothetical. New emitters, Defi protocols, wallets, and ultimately banks have acquired positions. 300 million dollar stub coin market, It can be converted to more fragmented landdependent assets of two names are less diverse and are diversified into sources of issuance and usage.
