Keep pulling the thread on Ethena Labs.
Circle has a revenue-sharing agreement with Coinbase that gives Coinbase 50% of the revenue generated from USDC reserves.
Tether's primary existential risk is its heavy reliance on centralized exchanges for distribution and trading volume.
Tether, Circle, and Ethena are considered the preliminary winners in the stablecoin market before the passage of the U.S. stablecoin law, the Genius Act.
Rob Haddock predicts that large consumer companies like Walmart are likely to issue their own stablecoins within the next one to two years.
Rob Haddock predicts the stablecoin market will eventually consolidate around five to seven major brands and service providers.
Mert Mumtaz believes the passage of the Genius Act will commoditize stablecoins, as regulation will make users less concerned about the trustworthiness of individual issuers.
Mert Mumtaz predicts the stablecoin market will ultimately be dominated by a maximum of three or four major players, with the potential for additional geo-specific stablecoins.
The DeFi protocol Camino is offering a 12% yield on PayPal's PYUSD stablecoin.
Phantom is working with Bridge and Stripe for its stablecoin offering.
In many parts of the global south, such as Argentina, the brand name "Tether" is used as a generic term for stablecoins, indicating strong brand recognition.
There is a perception among some users in the global south that Circle's USDC is a "Fed chain" and is riskier than Tether because it de-pegged during the U.S. banking crisis.
Jack Chong, the founder of Airwallex, is publicly bearish on stablecoins because of the high friction and cost associated with converting them back to fiat currency at the endpoints.