USDT's Dominance and Strategic Stability Expansion

The landscape of stablecoin chains is evolving, with a focus on USDT-centric and USDC-centric projects. Notably, USDT is the dominant stablecoin, with upcoming projects like Stable and Plasma based on USDT0, backed by Bitfinex investments, utilizing layer 1 and Bitcoin sidechains. Bitfinex, in particular, has a close connection with the Teather CEO serving as CTO. On the USDC side, projects such as KODEX, backed by Circle and Coinbase, and others like Noble focusing on stablecoin issuance chains and rollups, are emerging, along with Base, a layer 2 solution comprising 90% USDC. Other initiatives include USDe-based chains like Converge from Etherna & Securitize, and USDY from Ondo Chain by Temper Finance. Banking giants like JP Morgan are also exploring private chains such as Kinexys. The core goal of these stablecoins is to increase issuance volume. They typically pursue two main strategies: first, capturing market share through exchanges and high-yield offers like USDe, establishing sharp competitive positions; second, expanding ecosystems based on the customer base they secure with their initial strategies. Currently, USDT holds 62% of the stablecoin market and is positioning itself as a "de-nationalized" stablecoin. Its focus on completing its strategy via stable and plasma projects to deepen its ecosystem expansion is worth watching closely.