Dominance of Tether and Circle is a net bad for stablecoins, says Bridge executive
CoinDesk
Bridge executive Ben O'Neill argues that the market dominance of Tether and Circle hinders competition and innovation in the stablecoin sector.Summary
Ben O'Neill, head of money movement at Bridge, contends that the market dominance of Tether and Circle negatively impacts the stablecoin industry. He argues that their current design choices and fee structures—such as high redemption costs—do not cater to all payment use cases, hindering the potential for stablecoins to function effectively as mainstream currency. O'Neill suggests that the industry needs more competition and specialized stablecoins, alongside efficient clearing house mechanisms, to reduce fees and better serve the needs of large-scale financial institutions.
(Source：CoinDesk)