New Stablecoin Law Is Spurring Competition and Threatening Profits
Two months after the passage of stablecoin legislation, the lucrative industry duopoly is under attack.
In just over two months, the new stablecoin law has upended crypto markets, giving a group of new competitors a chance to wrest control from the industry’s two dominant companies, Tether and Circle.
The biggest disruptor has been Stripe, which is benefiting from its well-timed $1.1 billion acquisition of stablecoin infrastructure startup Bridge earlier this year. Anchorage Digital, the only digital assets firm with a federal trust charter, is also roiling the market.