Dominance of Tether and Circle is a net bad for stablecoins, says Bridge executive
Circle and Tether are going to make it harder for stablecoins to feel like money, said Ben O'Neill, head of money movement at Bridge.
AI Summary
Ben O'Neill, head of money movement at Bridge, argues that the dominance of Tether and Circle in the stablecoin market is detrimental to the sector's growth because their design choices don't serve every use case effectively. He contends that more competition and stablecoins tailored to specific use cases would lead to better product-market fit and innovation, while the current duopoly—with Tether's USDT at $189.5 billion and Circle's USDC at $71 billion—limits the development of alternatives suited to different needs like payments processing.