The article discusses a central question in the stablecoin market: can new projects compete with the dominance of established players like Tether (USDT) and Circle (USDC)?USDT and USDC have grown exponentially since 2020, with their combined supply exceeding $260 billion. Their strong position is due to their long track records, deep liquidity, and widespread integration across various platforms.
However, a new model is emerging, exemplified by projects like USDG (Global Dollar Network). Unlike the centralized approach of Tether and Circle, these new projects use a decentralized, network-based system where control and collateral are distributed among participants. This model aims to reduce risk and scale more effectively.
Analysts from Token Terminal question whether this network-based approach is the only way for new stablecoins to challenge the current leaders. The article suggests that new entrants may need to rely on network effects and decentralized infrastructure to gain a foothold. The outcome of this competition—whether the market becomes more consolidated or a multi-model ecosystem—will be crucial for the future of the crypto economy. While Tether and Circle currently hold the lead, the rise of network-based projects could reshape the stablecoin landscape in the coming years.
September 2025, Cryptoniteuae
