Circle: Confident that stablecoins will become mainstream currency, more internet payment companies will attempt to enter this field

Circle's Chief Strategy Officer and Global Policy Director, Dante Disparte, said in an interview: "Circle believes that stablecoins will become the mainstream adoption of currency in the internet era. We expect there will be internet payment companies and other financial service companies trying to enter or expand this field, which is a strong signal that stablecoins will continue to exist. At the same time, global regulation should be coordinated to ensure all stablecoin issuers are compliant. We have confidence that stablecoins will become mainstream currencies."

As new entrants like PayPal's dollar-pegged stablecoin PayPal USD emerge, competition in the stablecoin market is intensifying. Ripple Labs has begun testing its dollar-pegged Ripple USD (RLUSD) on XRP Ledger and Ethereum and plans to expand it onto more blockchains. Tether's USDT remains the largest stablecoin with a market cap exceeding $118 billion; meanwhile, Tether also announced plans for a new UAE Dirham (AED)-pegged Stablecoin.