Analysis of the Stablecoin Market Landscape: The Competition Among Six Major Forces

Recently, with the advancement of stablecoin-related legislation in the United States, competition in the stablecoin sector has become increasingly intense. Currently, six major forces have formed in the market, each vying for market share with their respective advantages.

Six Major Stablecoin Forces

1. Tether camp

As the issuer of USDT, Tether holds a dominant position in the stablecoin market. The current market capitalization of USDT is about $150 billion, with a market share of 66.5%. This camp has established connections with certain political and business resources and has multiple partners.

2. Coinbase and Circle Alliance

Although political resources are relatively limited, the alliance has potential in application scenarios. They are exploring cooperation with social media platforms and plan to promote the use of stablecoins in the small payment field. USDC, as the main compliant stablecoin, has a market capitalization of approximately $61 billion and a market share of 28.3%.

3. USD1 Group

This camp has strong political influence behind it, but it also faces high political risks. It has established partnerships with certain sovereign funds and cryptocurrency trading platforms, and has chosen to issue for the first time on multiple blockchains.

4. Stripe Camp

Global leading payment solution provider Stripe launched the USDB stablecoin after acquiring Bridge. With its advantages in the traditional payment sector, Stripe has a unique position in the stablecoin market.

5. A certain payment giant

This well-known payment company has issued its own stablecoin. Although it has a large user base, the promotion results have been less than satisfactory. It briefly became popular on a certain public chain by attracting users with high interest rates, but its overall development has been relatively slow.

6. Bank Alliance

An alliance composed of several large American banks and payment institutions plans to jointly issue a stablecoin. The advantage of this alliance lies in the high credibility of its member institutions, but it may face challenges in internal coordination.

Outlook on Future Market Landscape

The stablecoin market may exhibit a pattern similar to cryptocurrency exchanges, divided into offshore and compliant categories. USDT maintains a leading position in the offshore stablecoin sector, while USDC represents compliant stablecoins.

However, this does not mean that other stablecoins do not have room for development. In different regions and specific business areas, there are still opportunities for some regional or industry leaders to emerge. For example, stablecoins targeting specific national currencies may appear, or stablecoin solutions focused on certain business scenarios.

These diversified stablecoin projects will help expand the influence of the digital dollar into more niche markets and emerging fields. In the future, the stablecoin market may witness a hundred schools of thought contending, with various innovative stablecoin solutions continuously emerging to provide users with more choices.