The stablecoin sector is heading toward a "hundred-coin battle royale." After intense competition, USDT will remain the offshore leader and USDC the regulated leader, but a long tail of mid- to small-cap stablecoins will persist. These fall into two categories:Regulated stablecoins issued by Web2 companiesDecentralized stablecoins built by Web3 projects1. Web2-Issued Stablecoins: Regional Champions Will ThriveBeyond USDC and USDT, localized leaders will emerge—like a Hong Kong dollar-pegged s...

The stablecoin sector is heading toward a "hundred-coin battle royale." After intense competition, USDT will remain the offshore leader and USDC the regulated leader, but a long tail of mid- to small-cap stablecoins will persist. These fall into two categories:Regulated stablecoins issued by Web2 companiesDecentralized stablecoins built by Web3 projects1. Web2-Issued Stablecoins: Regional Champions Will ThriveBeyond USDC and USDT, localized leaders will emerge—like a Hong Kong dollar-pegged s...