Who wins the stablecoin race - Issuers? Fintechs? Protocols?
Since GENIUS, barriers to issuance have never been lower.
Lately, I've been thinking a lot about who captures that dollar - who dictates which onchain dollars users hold?
My thesis is that there are three main camps fighting to capture the dollar:
Issuers: capture reserve yield and building out institutional-grade rails
@circle @Paxos @Tether_to
Fintechs: route balances and keep a share of float
@PayPal @Stablecoin @RevolutApp
Protocols: package on-chain yield and liquidity
@ethena_labs @Hyperliquid @MakerDAO @Mantle_Official
A lot of this hinges on yield, distribution, and compliance.
Examples:
Issuers formalizing partner rewards and bank-grade rails.
Fintechs showing “USD” while routing tokens behind the scenes
Protocols turning basis and RWA income into native savings
What to expect over the next 12 months:
• A long tail of regional and purpose-built dollars (regional stablecoins, payroll, B2B settlement).
• Fintech-issued or white-label dollars inside wallets and neobanks.
• Protocol stables competing on pass-through yield and integrations.
The duopoly era fades as specialization grows
@nic__carter wrote about this in 'The stablecoin duopoly is ending'
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