The stablecoin market is entering a dynamic phase as regulatory landscapes evolve, particularly with the EU's MiCA regime and pending U.S. legislation. According to Fireblocks, this third phase will see increased integration of stablecoins by banks and payment firms. Ran Goldi from Fireblocks anticipates the emergence of approximately 50 new stablecoins by the end of the year.
Tether's USDT currently dominates the market with a capitalization near $145 billion, while Circle's USDC boasts over $60 billion in circulation. Standard Chartered projects the stablecoin market could potentially reach $2 trillion by the end of 2028, contingent on regulatory developments.
USDC has gained traction due to its compliance with MiCA, granting it access to 27 EU nations. This regulatory clarity, coupled with increasing adoption, positions USDC as a strong competitor in the evolving stablecoin arena.