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Dominance of Tether and Circle is a net bad for stablecoins, says Bridge executive
Key takeaways
- But they don't work for every use case,” O'Neill said on a panel about stablecoin growth at Consensus Miami.
- Tether’s USDT, with its gargantuan market capitalization of approximately $189.5 billion, and Circle’s USDC, which has grown to around $71 billion, each emerged at different generational eras in the crypto evolution.
- Tether, launched in 2014 as Realcoin, won the Chinese export trade, O'Neill said, and built this shadow economy of dollars that people can use without the U.S. financial system.
But they don't work for every use case,” O'Neill said on a panel about stablecoin growth at Consensus Miami.
Tether’s USDT, with its gargantuan market capitalization of approximately $189.5 billion, and Circle’s USDC, which has grown to around $71 billion, each emerged at different generational eras in the crypto evolution.
Tether, launched in 2014 as Realcoin, won the Chinese export trade, O'Neill said, and built this shadow economy of dollars that people can use without the U.S. financial system. Circle, launched in association with Coinbase in 2018, sought to do the exact opposite: a U.S.-regulated stablecoin, which later leaned hard into decentralized finance (DeFi).
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