Steve
Steve
USDT+0.05%
USDC-0.01%
With the launch of USDH and USDm, one thing has become clear. It seems that the long-standing duopoly of $USDT and $USDC in the stablecoin market is starting to show cracks. In the last cycle, this duopoly was challenged by exchange-driven @binance's BUSD and chain-driven @terra_money's UST. In this cycle, however, it looks as though exchange-driven @HyperliquidX and protocol-driven @ethena_labs may be the ones taking the lead. Since stablecoins are the product that has truly achieved PMF in this industry, I believe that—just like in the previous cycle—we are about to see another intense battle over this enormous market share. Of course, just as many said in the last cycle, one could dismiss this and say, “In the end, won’t Tether and Circle still win?” But there is something different about this round of competition that deserves attention. The key lies in the fact that the dynamics of power are shifting. Traditionally, it was considered a major KPI for chains to “bring in”...
Ethena Labs
Ethena Labs
Introducing MegaUSD: USDm, built with @megaeth_labs on the Ethena Stablecoin-as-a-Service stack MegaUSD will be backed by USDtb, which holds its reserves primarily in Blackrock BUIDL USDm will operate as MegaETH's native stablecoin, underpinning major native applications MegaEthena 🐇
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