Stablecoins Expected To Become Mainstream Currency In Internet Era

According to BlockBeats, on September 15, Circle's Chief Strategy Officer and Head of Global Policy, Dante Disparte, expressed confidence in stablecoins becoming the mainstream currency of the internet era. Disparte highlighted that Circle anticipates internet payment companies and other financial service providers will attempt to enter or expand in this field, signaling the continued presence of stablecoins. He emphasized the need for global regulatory coordination to ensure compliance among all stablecoin issuers, reinforcing Circle's belief in the mainstream adoption of stablecoins. The stablecoin market is witnessing increased competition with new entrants like PayPal's USD-pegged stablecoin, PayPal USD. Ripple Labs has begun testing its USD-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum, with plans to expand to more blockchains. Meanwhile, Tether's USDT remains the largest stablecoin with a market capitalization exceeding $118 billion. Tether has also announced plans for a new stablecoin pegged to the UAE Dirham (AED).