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Tether and Circle Face New Rivals as Stablecoin Infrastructure Evolves

coindesk
45min ago
USTether$1
Tether and Circle, the leading stablecoin issuers, have long dominated the market, effectively 'printing money' by controlling stablecoin supply. However, new platforms like M^0 and Agora are emerging, offering infrastructure that enables applications and users to directly capture yield from stablecoin operations. This innovation could disrupt the existing market dynamics and introduce more competition for established players. As these alternative infrastructures grow, end users may benefit from increased transparency and improved returns in the stablecoin ecosystem.