Tether USDT Dominates Stablecoin Market Amid Rising Competition from PayPal USD and Ripple USD

COINOTAG news reported on September 15 that Dante Disparte, Chief Strategy Officer and Global Policy Director of stablecoin issuer Circle, stated during an interview: “Circle believes that stablecoins will achieve mainstream adoption in the Internet era. We anticipate that Internet payment companies and other financial services entities will seek to enter or expand in this sector. This is a strong indication that stablecoins will persist.” Disparte emphasized the necessity for coordinated global regulation to ensure compliance among all payment stablecoin issuers, expressing confidence in the future dominance of stablecoins as currencies.

The competitive landscape of the stablecoin market is evolving with the introduction of new players like PayPal’s stablecoin, PayPal USD, which is pegged to the US dollar. Ripple Labs is in the testing phase for its own stablecoin, Ripple USD (RLUSD), pegged to the US dollar and currently operational on the XRP ledger and Ethereum, with plans to expand to additional blockchains. Meanwhile, Tether’s USDT remains the largest stablecoin with a market valuation exceeding $118 billion. Tether also disclosed plans to launch a new stablecoin pegged to the UAE dirham (AED).