{"id":309241,"date":"2024-09-05T14:25:57","date_gmt":"2024-09-05T14:25:57","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&#038;p=309241"},"modified":"2024-09-05T14:25:57","modified_gmt":"2024-09-05T14:25:57","slug":"tech-and-crypto-firms-rush-to-launch-stablecoins-amid-market-recovery","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/tech-and-crypto-firms-rush-to-launch-stablecoins-amid-market-recovery","title":{"rendered":"Tech and Crypto Firms Rush to Launch Stablecoins Amid Market Recovery"},"content":{"rendered":"<p><strong>In the wake of a rebound in the digital assets market, technology firms, crypto companies, and even the state of Wyoming have launched new stablecoins.\u00a0<\/strong><\/p>\n<p>However, industry experts caution that these tokens may have limited practical use and that many could face challenges to survive in the competitive space dominated by Tether\u2019s USDT and Circle\u2019s USDC stablecoins.<\/p>\n<h2><span id=\"a_surge_of_new_stablecoins_diverse_players_enter_the_market\">A Surge of New Stablecoins: Diverse Players Enter the Market<\/span><\/h2>\n<p>In recent months, many entities have unveiled stablecoins. These new entries into the stablecoin market reflect a growing interest in capitalizing on the recovery in digital assets.<\/p>\n<p>The surge began with Paxos International, which launched the Lift dollar (USDL) on June 5, 2024. Aimed initially at the Argentine market, USDL offers a yield of approximately 5%, seeking to attract users interested in stable investment options.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, Paxos International announced the launch of Lift Dollar ($USDL) \u2013  a yield-bearing stablecoin that democratizes access to US dollars and safe yield generated from cash and cash equivalent assets. Now, you can seamlessly spend, save and trade, all while earning yield.<\/p>\n<p>1\/4<\/p>\n<p>&mdash; Paxos (@Paxos) <a href=\"https:\/\/twitter.com\/Paxos\/status\/1798393931388035305?ref_src=twsrc%5Etfw\" target=\"_blank\">June 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Mercado Libre followed with the introduction of its MELI stablecoin in August. Integrated into its Mercado Pago platform, MELI is a dollar-denominated stablecoin designed to improve blockchain adoption by eliminating transaction fees for users and imposing a 1.5% fee on other digital assets.<\/p>\n<p>In the same month, Banking Circle <a href=\"https:\/\/www.bankingcircle.com\/banking-circle-launches-the-first-bank-backed-mica-compliant-stablecoin-euri-0814285\" target=\"_blank\">launched EURI<\/a>, a bank-backed stablecoin compliant with the Markets in Crypto Assets Regulation (MiCA).<\/p>\n<p>Wyoming also announced plans for a state-issued stablecoin, expected to launch in 2025, backed by US Treasury bills and repurchase agreements.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">HERE WE GO: State of Wyoming Passed Legislation For The First US DigItal Dollar<\/p>\n<p>Get This:<\/p>\n<p>120 of the most powerful central bankers and policymakers from all over the world met at the exact same time, on the exact same day, in the exact same small town, in the exact same\u2026 <a href=\"https:\/\/t.co\/4shMm2yQe8\" target=\"_blank\">pic.twitter.com\/4shMm2yQe8<\/a><\/p>\n<p>&mdash; Wall Street Apes (@WallStreetApes) <a href=\"https:\/\/twitter.com\/WallStreetApes\/status\/1831333586823503948?ref_src=twsrc%5Etfw\" target=\"_blank\">September 4, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This wave of stablecoin launches is set against the backdrop of a recovering digital assets market, which now boasts a record $170.8 billion in circulation.<\/p>\n<p>These assets, designed to maintain a stable value by pegging to a reserve currency, promise efficient trading between crypto assets and the potential transformation of everyday payments.<\/p>\n<h2><span id=\"dominance_of_usdt_regulatory_hurdles_and_limited_utility_present_challenges\">Dominance of USDT, Regulatory Hurdles, and Limited Utility Present Challenges<\/span><\/h2>\n<p>Despite the excitement, critics argue that many of these new stablecoins lack distinguishing features that could entice users away from established leaders like <a href=\"https:\/\/www.techopedia.com\/usdc-vs-usdt-which-stablecoin-is-a-better-choice\">USDT and USDC<\/a>.<\/p>\n<p>USDT continues to dominate with <a href=\"https:\/\/coinmarketcap.com\/view\/stablecoin\/\" target=\"_blank\">nearly 70% ($118.2 billion)<\/a> of the market value, while USDC holds a substantial market cap of $34.9 billion.<\/p>\n<figure id=\"attachment_309249\" aria-describedby=\"caption-attachment-309249\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-300x135.png\" alt=\"\" width=\"1200\" height=\"541\" class=\"wp-image-309249\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-300x135.png 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-1024x462.png 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-768x346.png 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-1536x692.png 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-1200x541.png 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4-1980x892.png 1980w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/09\/image1-4.png 1999w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-309249\" class=\"wp-caption-text\">$USDT and $USDC dominate the stablecoin market I Source: Coinmarketcap<\/figcaption><\/figure>\n<p>The primary criticism revolves around the limited utility of new stablecoins, which are predominantly used for crypto trading rather than everyday transactions. They are often described as a \u201cnovelty asset\u201d that some find useful, but many simply appreciate for their digital cash-equivalent value.<\/p>\n<p>Moreover, new stablecoin issuers face the daunting challenge of regulatory compliance. Securing approval across various jurisdictions is important for gaining institutional trust and widespread adoption, similar to the reputation Tether and Circle enjoy.<\/p>\n<p>While new entrants, including Mercado Libre and Banking Circle, emphasize their commitment to regulation as a key differentiator, without strong regulatory frameworks and broad institutional support, these stablecoins may struggle to achieve the level of utility and acceptance seen with established players.<\/p>\n<p>The success of new launches will hinge on their ability to offer unique features, scale past complex regulatory requirements, and gain acceptance beyond crypto trading.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of a rebound in the digital assets market, technology firms, crypto companies, and even the state of Wyoming have launched new stablecoins.\u00a0 However, industry experts caution that these tokens may have limited practical use and that many could face challenges to survive in the competitive space dominated by Tether\u2019s USDT and Circle\u2019s [&hellip;]<\/p>\n","protected":false},"author":286582,"featured_media":309251,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2140],"class_list":["post-309241","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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