The total capitalization of stabilcoins for the first time in the history of cryptorright exceeded $ 240 billion. Tokens are continued to dominate in this niche, the rate of which is attached to the US dollar, but market participants see the possibility of growing competition from the side of the American currency, writes RBC Crypto.
More than $ 210 billion of capitalization, or almost 90% of the market, accounts for two stablecoin – USDT from Tether (almost $ 149 billion) and Circle USDC (more than $ 62 billion). But even the former chapter of the same Tether Rive Collins indicates that the dominance of dollar steablecoins can be violated in certain circumstances.
Stebblecoins are cryptocurrency tokens, the course of which is tied to any asset, for example, to the dollar, euro or ounce of gold. The company uses securities, national currencies or other traditional or crypto assets as ensuring the course of the course to the basic asset of the company.
The largest capitalization among non -alllar tokens are provided by the gold from Tether or EURC from Circle, tied to the euro rate. Collins douses that with the further development of tokenization, new “stable” tokens with the binding of the course to other assets or currencies may partly shake the position of the dollar.
Separately, Collins identified the role of the initiative to launch the USD1 dollar stabiblcoin company by World Liberty Financial, supported by the sons of US President Donald Trump. In March, the WLF team announced the launch and plans for the initial release of token on Ethereum and BNB Chain from the Binance exchange with expansion plans in the future.
In the documents on the website of the World Liberty Financial project, Donald Trump is indicated as the “main cryptocurrency defender”. His sons Eric and Donald Trump Jr. are “Web3 ambassadors”, and Barron wears the “Defi-visionary” title. It also states that none of Trump’s family members, other affiliated persons and employees of organizations is an official, director, founder, employee or operator of World Liberty Financial.
Finally, European regulators openly talk about the dangers of the spread of dollar stablecoins and their introduction into the legal field of the United States as a global threat. So, for example, the Minister of Economy of Italy Dzhancarlo Georgetti said that the new US policy against stablecoins has a great threat to Europe than trade duties, and in the ECB called it a threat to weaken European control over financial flows.
The export of the dollar
The head of Tether Paolo Ardoino in an interview with CNBC said that the company considers its role as a way to maintain the global presence of the dollar where the United States is poorly represented institutionally.
According to him, in the countries of Africa and Latin America there are almost no US infrastructure, “except, perhaps, McDonald’s,” while other powers, in particular China, are actively promoting alternative currencies.
“We simply export what we consider the best product ever created by the United States is the dollar,” Ardoino said.
USDT is the flagship product Tether. The USDT token to the dollar rate provides a reserve, consisting mainly of money and equivalent assets, such as US government bonds. After Trump’s victory in the US presidential election at the end of 2024, Tether has ceased to sound accusations even regarding the lack of reserves that ensure the USDT binding to the dollar. Although before that, for many years, the company has undergone powerful criticism, including for the use of USDT for criminal purposes.
Ardoino emphasized that Tether is in demand in high inflation countries and a weak banking system. Against this background, in his opinion, the USDT stablecoin can become a tool for strengthening dollar domination, especially when blocks such as BRICS are “trying to displace the dollar”.
Other currencies
The list of stable tokens based on other national currencies is already expanding. There are assets on the basis of the euro, yuan, Brazilian Real Madrid, the Turkish Lyra and other currencies. The same Circle (USDC issuer) received the approval of the regulatory authority Abu Dhabi to launch the local version of Stablecoin, aiming at the Middle East. The UAE also announced the stablecoin tied to dirham under the regulation of the Central Bank.
Russia, too, was no exception in finding options for launching Stableco -ore ruble tied to the course. At the recent crypto conference of Blockchain Forum 2025 in Moscow, as part of the panel session “Cryptocurrency Geopolitics: how Russia and the world form a trend in the field of digital assets”, including the possibility of launching ruble token.
In the same place, the head of the expert center for digital financial assets and digital currencies of the Association of Russian banks Olga Goncharova expressed the opinion that it is necessary to look for the “USDT import substitution path”.
“We really need to look for ways to import substitution [стейблкоина] USDT. A very good slogan, you need to take it. <...> But let’s find them in a balanced and in a realistic way, ”Goncharova said from the stage.
The Ministry of Finance openly says that it allows the possibility of using stablecoins in the framework of the experimental legal regime (EPR), which at the same panel session Blockchain Forum 2025 was stated by the deputy director of the Department of Financial Policy of the Department of Osman Kabaloev.
However, the launch of one or another stablecoin that is needed on the market is not such a trivial task.
The main problem
For many years, stablecoins, provided by the dollar, act as the main source of liquidity in all types of crypto -streaks, as well as in cryptocreditation markets. The founder of Curve Finance, one of the leaders in the decentralized finance market, Mikhail Egorov considers the lack of liquidity the main problem for the development of the market for non -alllar tokens.
“This is not just a matter of preferences – this is a more fundamental question that is economic in nature,” he said in a commentary for Coindesk, adding that market participants simply do not see an economic incentive for the use of stable tokens, tied not to the dollar.
Curve Finance is one of the largest decentralized trading platforms on the market for the exchange of stablecoins and other cryptocurrencies, whose price usually differs little from each other. The volume of user deposits on it exceeds $ 2 billion.
Despite active discussions about the prospects of stablecoins in the field of retail payments, cross-border transfers or international trade, their main application is still associated with the turnover inside the crypto risk. The remaining scenarios of application so far remain niche-primarily due to limited infrastructure and lack of sustainable demand outside the crypto-ecosystem.
“Regulation cannot solve a more fundamental liquidity problem. Without this, no regulatory framework will be able to make stablecoin quite viable for widespread use, ”Yegorov said. If economic incentives appear, then the adoption of non -alllar stablecoins will follow naturally, he believes.
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Source: Cryptocurrency
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