Circle Believes Stablecoins Will Be Mainstream in the Internet Era

Dante Disparte, Chief Strategy Officer and Global Policy Head at Circle, a stablecoin issuer, stated in an interview that "Circle believes stablecoins will be the mainstream adoption of currency in the internet era. We anticipate that internet payment companies and other financial service companies will attempt to enter or expand into this area, which is a strong signal that stablecoins will continue to exist. At the same time, global regulation should be coordinated to ensure compliance for all payment stablecoin issuers. We are 'confident' that stablecoins will become mainstream currency."

Competition in the stablecoin market is intensifying with new entrants such as PayPal's dollar-pegged stablecoin, PayPal USD. Ripple Labs has begun testing its dollar-pegged stablecoin, Ripple USD (RLUSD), on the XRP ledger and Ethereum, with plans to expand to more blockchains. Tether's USDT remains the largest stablecoin with a market cap exceeding $118 billion. Meanwhile, Tether announced a new stablecoin pegged to the UAE Dirham (AED).