Tether, a circle to confront banks, payment companies with the development of Stablecoin, says Fireblocks

The competition enters Stablecoin’s dominance in the third stage, and companies such as Tether, which is the source of the distinctive symbol, and Circle, No. 2, are located where the industry faces increasing organization in the form of the European Union markets in Crypto (MICA) and American legislation that works through the catastrophe, according to Classet Cryptographic Privatists.

This last stage will include banks, large and small, as well as the current payment companies that weigh the best way to integrate symbols into their current business, according to Ran Goldi, SVP Payments in Fireblocks.

StablecoinsBlockchain’s distinctive symbols that simulate US dollars in most of them have become a great work. Usdt from Tether is the clear pioneer, with a market hat is close to it 145 billion dollars. Circle’s USDC has More than 60 billion dollars Trading and the company thinks about General listing On the New York Stock Exchange. Stablecoin market can grow 2 trillion dollars by the end of 2028Standard Chartard said on Tuesday note.

“We’ll see the banks to issue stablecoins, because they are under Mika,” Goldi said in an interview. “You are watching financial institutions that enter technical technology such as Robinhood, Ripple and Droclut. By the end of this year, you will see 50 stablecoins.

Goldi said that the industry has already passed two stages. The first happened when the USDC rose against the Paxos -regulating trade company, which has partnered with Crypto Exchange Binance for Busd. For regulatory reasons Boxos had to drop the edge Goldi said that Sirkel won this tour, adding that the new USDG Union of Paxos is growing in place and is likely to play a major role in the future.

The second stage was between the circle and tension.

“USDC was trying to be larger than USDT, but then USDC fell slightly with The collapse of the Silicon Valley Bank And so on. It was difficult for people to accept this product, especially people outside the United States, in the meantime, USDT has grown significantly. I think Usdt will remain the dominant dollar outside the United States and I think it will have to have a really good battle, and they have done it in the past and it is very good to do it. “

However, it should be noted that USDC is licensed under Mika, allowing it to reach 27 countries in the European Union, with a population of about 450 million people. Usdt is not.

Growth in international payments

Stablecoins has grown to the lead as a basic way to transfer money between volatile cryptocurrencies, and to meet a special need given the lack of industry in the slopes inside and outside. Metal currencies with a dollar have flourished of different types with an explosion The decentralized financing (Defi).

If we look back, the first days of encryption appear to develop the PSPS providers, starting with those who wanted to use encrypted currencies to settle their bills. This was followed by a second wave of PSPS from companies to business like Bridge, Recently obtained by StripeAnd ScratchAlfred payment, channel and others.

“Some of these PSPS are companies that may not hear much, but they move billions of dollars in Stablecoins, and companies serve to pay other companies most of the time,” said Goldi. He pointed out that less than 20 % of the total volume of transactions in the total barriers were in 2020, as it rose to about 54 % last year.

To get a model use, think about an importer in Brazil who wants to bring a container and push someone in Türkiye or in Singapore. Goldi said that it requires the real Brazilians, turns them into Stablecoin, and either sends money directly to the source or changes it to the destination currency and pays however.

Some banks have already caught up to the state of use across border payments, with the likes of Brazil in Brazil, BTG and DBS in Singapore, providing food customers with accounts that support Stablecoins. Others still weigh the best use of them.

“We are close to dozens of banks,” said Goldi. “They ask whether they should be on the slopes/stop them, or keep reserves, or maybe think about the Stablecoin version. There are many things that banks can do to earn money from Stablecoins, from credit to slope to FX.”

Based on these talks, Goldi said he believed most banks are writing strategic plans that may be presented by the end of this quarter.

“It will be interesting to know if banks are building something alone, or uses BNY Mellon, for example, which serves banks, or a seller like Fireblocks. I think large banks Tier-1 like JPMorgan, Citi and Morgan Stanley will build their own technology, while bank 2 banks want to use some of the hosted technology provider.” “Of course they are banks and move slowly, so I think they will look to agree to these plans by the end of this year and may do something in 2026.